Furniture retailer Land of Leather is reported to be facing a £250,000 lawsuit from an investment group Agilo, which wanted to inject £5 million into the struggling retailer two months ago.
According to The Times, a High Court claim said the£250,000 break payment was part of the original loan agreement between Agilo and Land of Leather. Agilo said the loan was agreed “in all essential respects” on June 18, just one day before Land of Leather completed a separate refinancing.
Land of Leather said it would defend itself vigorously against the claim as Agilo changed the terms of the offer as the exclusivity agreement was finalised, thereby making it redundant.
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