Browse Sections

• Business 
  • Business of the year
  • Commercial property
  • Deals
  • Reviews
  • Budget
  • Advertise with us
• Technology
• Greenlife
• Health
• Showbiz
• Education
• Local elections
• Shipman
• Special reports
• User comments

'A number of bidders' for Land of Leather

1/12/2008

FURNITURE retailer Land of Leather today said it had received takeover approaches from a number of potential bidders.

The Kent-based group said discussions with the parties were at a `very preliminary stage' and added there was no certainty an offer would be forthcoming.

It did not name the groups involved, but reports at the weekend pointed to turnaround specialist Hilco, which recently failed in its attempt to buy high street retailer Woolworths for £1, and buyout business Sun Europe, which already owns rival retailer ScS Upholstery.

The interest came as Land of Leather said total sales orders fell by 47 per cent in the three months to November 2.

The group is suffering alongside other big ticket retailers from the economic downturn.

Shares, which floated at 149p in 2005, closed at just 6.5p on Friday, giving it a market capitalisation of £2.3m.