Laura Ashley has made the decision to acquire a commercial property in Singapore for around £31.1m, the process of which is expected to be completed in four week's time. In line with the company's long-term expansion strategy, Laura Ashley has identified significant growth prospects in Asia, and the business already has strong franchise partners in Malaysia, Taiwan, Japan, South Korea, Hong Kong and Australia.

The property is a modern eight-storey building with 98,254 sqm of space, located in the North East region of Singapore. The aquisition will be partially funded by a debt facility provided by DBS Bank Limited, and partially by the company's own cash reserves.

A statement issued by the business says: "In order to take advantage of the opportunities in Asia, in particular China and India, the company needs to establish a strong regional commercial and operational presence.

"The company is now in a position to invest in an Asian headquarters and believes that Singapore, with its stable political and economic situation, is the ideal location from which to manage its Asian operations."