 Investments |
| Search News |
|
|
| Find an IFA |
|
|
| Browse |
|
| UK Spotlight |
City analysts today warned the government that the British economy is set to witness a recession which could last up to 18 months. Capital Economics predicts that the gross domestic product for the...
→
Read More
|
|
| Disclaimer |
| Financialadvice.co.uk adheres to the Financial
Services and Markets Act 2000. This site contains only factual and
readily available public information. |
|
|
|
Fast Remortgage
CCHL are fast remortgage specialists. Our experts will prepare a mortgage solution that results in a fast remortgage.
|
|
|
|
|
|
Tuesday 3rd June 2008
Sofa retailer Land of Leather is reported to be in talks about refinancing the company’s debt after a sharp downturn in trading added to the recent pressures of the Group. The company was recently in the headlines after being fined £210,000 for mis-selling insurance protection but it seems that this may be the least of the company’s troubles.
Closely linked to the housing market, it is not a surprise to see the group experiencing difficult trading conditions in what has for some time been a very competitive sector. In March the group confirmed that it had £16 million in cash, a revolving credit facility of some £5 million and a £1 million overdraft. However, profits for the first half tumbled form £8.4 million to £5.5 million and the group also confirmed that is owes creditors some £53 million.
While reported talks with Barclays bank have not been officially confirmed, sources close to the action have indicated that discussions are still on going. The fact that the shares have fallen from 124p at the start of the year to just 15.5p yesterday is a concern and reflects the worsening trading conditions. We await the outcome of talks after which the future of the group may be a little clearer. |
→ Full Investments News Archive
→ Return to Homepage |
|
|
|
| Other top stories in this section:
|
|
|
|
.gif)
