No sale for Land of Leather

Land of Leather, the furniture retailer, has terminated talks with potential buyers for the company…

Last week it confirmed it had received a number of unsolicited expressions of interest but said today that ‘early stage discussions suggested that there would be insufficient value to shareholders so talks with potential bidders have been terminated.'

It is thought Investec handled approaches for the troubled furniture chain and interest is thought to have come from Hilco, the turnaround specialist and Sun European, a buyout business.

Land of Leather gave notice of how tough conditions have become at its annual results in October.

The group floated in 2005 at 149 pence per share, but the company has issued a number of profit warnings.

This morning Land of Leather's shares stood at seven pence, falling from last week's high of 13 pence.