Land of Leather, the UK sofa retailer, has announced plans to float its shares on the London Stock Exchange. The company is targeting a market valuation of $158-193 million (£90-£110 million). No timetable for the float has been given.

The move will reportedly apply to no more than a third of the company’s total holdings, enough to give it the financing to expand the number of its UK outlets from 67 to 120 by 2011.

Land of Leather reported sales of $276 million (£157 million) for the year to April, compared with $179 million (£102 million) the year before.

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