Land of Leather plans LSE listing
Sofa retailer Land of Leather announced plans today to list on the London Stock Exchange.
The group said the move would provide it with the stable financing and flexibility it needs to nearly double the number of outlets it has over the coming six years.
It currently has 67 stores in the UK and Ireland, but wants to increase this to 120 in six years time. It has appointed investment bank Investec to handle the placing of new and existing shares.
For the year to April 3 the company had a turnover of £156.6m (€231.4m), up from £101.6m (€150.1m) the previous year, while profits before exceptional items more than doubled to £14.4m (€21.2m).
Chief executive Paul Briant said: “We are delighted to announce our plans for a listing of Land of Leather on the London Stock Exchange.
“We are confident that its many attractive growth opportunities will prove appealing to investors.”
