For a man putting himself forward as the saviour of an ailing home furnishings retailer with 156 stores, Michael Flacks does not seem to have much money.
Last Monday, Flacks, who claims to be a self-made entrepreneur from Manchester, confirmed he was in the “very preliminary stages” of preparing a £20m takeover offer for Laura Ashley.
The listed chain has been fighting for its life in an environment that last week left rival LK Bennett on the brink of failure.
