Thu, 24 Feb 2011 | DIVISION SALE
The Land of Leather brand and associated assets have been put on the block two years after the business entered administration.
In early 2009, administrators at Deloitte were called in after attempts to sell the business failed due to a lack of acceptable offers.
Badly hit by the lack of consumer spend in the recession, Land of Leather had already taken steps to cut costs and sales in January 2009 were described as ‘very disappointing’.
Deloitte has been appointed administrator once again, and has called in Glasgow-based intellectual asset specialist Metis Partners to dispose of the intangible assets to include the goodwill and intellectual property.
Established in 1985 as a leather sofa specialist, Land of Leather had a total of 850 employees in early 2009. An impressive £21.4 million was spent on advertising between 2008 and 2009, ensuring that the brand became widely recognised.
Stephen Robertson of Metis Partners is confident about a sale. He said, “The Land of Leather brand has a very high level of awareness amongst consumers. It is protected by European Community, UK and Irish trademarks as a leather furniture retailer and this makes it, I believe, a very attractive proposition for any retailer of any kind of leather items…”
The sale will include trademarks and numerous domain names. The administrators expect high levels of interest in the sale, especially considering its status as a well-known brand.
Its last reported accounts show revenues of £231 billion for the year to 03 August 2008 and losses of £143,000.
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