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Homeware and fashion chain Laura Ashley has confirmed it will close its concessions within all Homebase stores in 2017.

In a London Stock Exchange statement, Laura Ashley said: “The company does not expect there to be a material impact on the group and anticipates that the majority of trade that it receives from these concessions will be redirected to other Laura Ashley stores and the website operated by the group.”

The home furnishings retailer said its 22 concessions would close during the second quarter of 2017.

The move follows the £340m acquisition of DIY chain Homebase by Australian firm Wesfarmers earlier this year from former Argos owner Home Retail Group, which has already seen it end its Habitat concession partnership.

Shares in Laura Ashley were up 1.9% to 20.62 pence on Friday.