PracticeAccounting FirmsLand of Leather could be close to cash call

Land of Leather could be close to cash call

Land of Leather, is expected to unveil a rights issue as part of a £18m rescue cash call

Land of
Leather
, the struggling furniture chain, which has been advised by
KMPG, is this week expected
to announce a rights issue as part of a £18m rescue package.

The group, which has issued three profit warnings since Christmas, told
The Times yesterday it had been in discussions with shareholders about
the decision and was close to finalising the terms of the cash call.

Investors holding half the group’s shares had already indicated they had
agreed to support the rights issue, despite the 95% fall in Land of Leather’s
share price over the past year.

The rights issue is expected to raise £13m and another £5m is understood to
come via a deal with Agilo, the distressed debt specialist.

Further reading:

E&Y mobilised to save furniture chain

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