Page last updated at 11:44 GMT, Monday, 1 December 2008

Land of Leather is in offer talks

Land of Leather showroom

Land of Leather shares have soared after it said it was holding talks that may lead to an offer being made for it.

It said that talks with a number of parties were at a very early stage.

The company has issued three profit warnings since last Christmas, and has now said that orders fell 47% in the three months to 2 November as the retail sector continued to weaken.

It described the retail market as "very challenging", but said significant progress has been made on cost-cutting.

Land of Leather stressed that it was debt-free and did not need to pursue a sale unless it created significant shareholder value.

On Monday Land of Leather shares finished up 38.5% at 9p.

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