Sofa retailer Land of Leather announced plans today to list on the London Stock Exchange.
The group said the move would provide it with the stable financing and flexibility it needs to nearly double the number of outlets it has over the coming six years.
It has 67 shops in the United Kingdom and Ireland but wants to increase this to 120 in six years time. It has appointed investment bank Investec to handle the placing of new and existing shares.
For the year to April 3rd the company had a turnover of £156.6 million, up from £101.6 million the previous year; profits before exceptional items more than doubled to £14.4 million, from £6 million.
The group said since the year end sales had exceeded those reported in its results, and it expects the market to grow further going forward driven by increased consumer expenditure.
PA