Barcelona-based synthetic leather manufacturer Lefa has posted a half-yearly turnover of just under a €1m, a drop of 39.6% compared to last year.

 

Spain's stock exchange control agency, the CNMV, has reported that in a note it received with the Lefa results, the company said it was filing for insolvency.

 

Lefa confirmed this on receiving enquiries from local media. It said: "The continuing fall in sales levels, with a poor outlook for the future, means we are voluntarily going into liquidation because we foresee a situation of immediate insolvency."

 

Founded in 1960, Lefa employs 24 people.