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Last Updated: Monday, 4 July, 2005, 11:40 GMT 12:40 UK
Land of Leather plans flotation
Land of Leather sofa
Land of Leather says its sales are continuing to increase
Sofa retailer Land of Leather has announced plans to float its shares on the London Stock Exchange.

The firm said the move would give it the financing to almost double its number of outlets across the UK and Ireland over the next six years.

It currently has 67 stores across the British Isles, but wants to increase this to 120 by 2011.

Investment bank Investec has been appointed to handle the flotation. No timetable for the float has been given.

During the year to 3 April, the company had a turnover of 156.6m ($276m), up from 101.6m during the previous 12 months.

Bucking the current downward trend in the retail sector, Land of Leather said sales were continuing to increase into its current financial year.

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