There was an old episode of wheeler dealers that I saw recently where they had this done. (think it was a porker) I'm pretty sure it was a repair though, rather than a total recovering. They found a saddler that also did classic car interiors. From memory to repair the leather, colour it etc and to restitch the wheel they paid around £60. You could probably pick up a good nick wheel for that.
Turkey is famous for leather work, so I bet there are far more people able to do this there. Walsall seems to be the centre of this kind of industry here I believe