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Hotter owner Unbound Group enters sale process

Hotter store front

Unbound Group, the parent company of Hotter Shoes has launched a strategic review which could result in a full sale of the company.

Following challenging trading conditions, the company revealed it is seeking additional funding to complete the company’s restructuring.

As a result, it has appointed Interpath Advisory as joint financial adviser alongside Singer Capital Markets, its current financial adviser to manage the formal sale process.

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The groups ongoing debt service requirements, which includes £1 million capital repayments due on 31 July 2023 and 31 January 2024, mean any underperformance against the its trading expectations would result in a worsening of the group’s cash position.

It also expect the shortfall “could be addressed via working capital management and other measures that are ready to be implemented if required, [but] also believes that such measures could damage the longer term growth prospects of the group”.

It comes after a £10 million investment deal into the group was withdrawn earlier this month due to “concerns over its current trading”, according to Marwyn Investment Management.

It followed the launch of an initial operating review, which resulted the temporarily closure of its direct-to-consumer sales in the US and EU, which contributed to 11% of its revenues.

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