Land of Leather appoints administrator
Land of Leather has called in administrators and suspended its shares on the London Stock Exchange.
Lee Manning and Nick Edwards of Deloitte LLP, the business advisory firm, were today appointed as joint administrators to the chain. In a statement, Deloitte said the furniture chain would continue to trade as normal, while the administrators ‘continue to talk to interested parties with a view to concluding a sale of the business as a going concern.’ Deloitte said it is working closely with Land of Leather’s management ‘to protect the interests of customers who have paid deposits on furniture orders.’ The company has 98 stores across the UK and Ireland, employing 850 people. It has 11 stores located in the Republic and five in Northern Ireland.
The company had recently ended talks on a takeover saying the offers it received would have produced “insufficient value” for investors.
