Sleep Depot enters administration

The rent paid to land of Leather from Sleep Depot amounted to £4.8 million. The loss of this concession rental income will be £1.6 million in the remainder of the financial year ending 3 August 2008 but will be mitigated to some extent by Land of Leathe r trading from the vacated space. Last week Land of leather reported that pre-tax profit for the 26 weeks ended 27 January 2008 had dropped to £5.5m from £5.8m a year earlier and from £8.4m in 2006 adding that conditions were 'challenging'.