Connolly Leather, the UK based automotive leather specialist and one of the world's most prestigious names in the industry has confirmed that it has been placed in receivership.

Speaking to leatherbiz.com, Joseph Connolly said that the decision was taken yesterday (April 15) with a view to a finding a buyer for the company. Mr Connolly said that several approaches had been made over the past few months and that selling the business as a going concern was a key priority. He attributed the company’s troubles to tightening margins in the automotive sector, and the inroads made by low-cost leather producers in Eastern Europe

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