BusinessCompany NewsKPMG lends Land of Leather hand on refinancing

KPMG lends Land of Leather hand on refinancing

Struggling furniture retailer Land of Leather had secured KPMG for advice on renegotiations of its banking facilities

KPMG is advising
struggling furniture retailer
Land of Leather
said to be under pressure from a sharp downturn in sales and rising costs – on
the renegotiation of its banking facilities before its year-end in July.

The company had a ?16.3m cash balances in March, but as trade worsened it was
forced to renegotiate with its bank where it has a revolving credit facility of
?5m, which was reduced from ?7m pounds last year, and a ?1m overdraft facility.

The retailer owes ?53m to suppliers and other creditors, according to
interactive investor.

The retailer’s hopes that the bank holiday weekend would help put the
company’s finances in better shape were dashed by bad weather combined with low
consumer confidence.

Further reading:

Read
the interactive investor story

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

1y Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor