Land of Leather has confirmed that it has received a number of expressions of interest to buy its furniture retail business.

In a statement put out this morning, reacting to press speculation over the weekend, Land of Leather said the interest may or may not lead to a bid for the group.

Interested parties are said to include turnaround specialist Hilco and private equity company Sun European.

It added: “The company has no debt and hence no requirement to pursue a sale of the business unless it realises shareholder value.”

Land of Leather also issued a gloomy trading update this morning reporting that total sales orders in the three months to November 2 had plummeted by 47 per cent.

The company remains debt free, however, with a cash balance of£6.9 million including£4.5 million held by the bank as security.

The retailer said that conditions were set to remain tough throughout the new year, including the January sales period.