Land of Leather in big approach

Land of Leather is believed to have received a number of bid approaches. The chain, headquartered in Kent, is understood to have received several preliminary takeover inquiries in the past few weeks through its main financial adviser Investec, the investment bank. Among those thought to be interested in the retailer is Hilco, the turnround specialist.

Another firm understood to have made an approach is Sun European, a buyout business known for its interest in consumer-related companies. Sun owns SCS Upholstery, a rival furniture retailer. Other brands it has invested in include Lee Cooper, the jeans maker. Talks are said to be at an early stage, but Investec has sent out limited financial information on Land of Leather to those parties that are serious about making a bid. The company may be forced to confirm the approaches in an announcement to the stock this week.