Hotter Shoes seeks funding to avoid administration
Hotter Shoes trades from 17 stores and under 10 concessions in garden centres
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Clothing company Unbound Group, the owner of Hotter Shoes, is reportedly looking to secure £2m in emergency funding in an attempt to avoid falling into administration, according to Sky News.
On 27 June in a stock exchange announcement Unbound Group said it had terminated a formal sale process for the Hotter Shoes business.
The company announced in May they could not secure a £10m investment from Marwyn Investment.
Unbound Group announced it had meetings with major shareholders and had received “some positive feedback” about a share sale to raise between £1.5m and £2m.
City sources advised on Wednesday that unless funding was forthcoming “in the near future”, Unbound’s board would have little choice but to call in administrators.
Interpath Advisory, the restructuring firm, is working with Unbound on its contingency planning.
Hotter Shoes trades from 17 stores and under 10 concessions in garden centres.
A Spokesperson for Unbound Group told Sky News: “All options remain on the table and are still being considered, as we previously announced.”
Retail Sector has contacted Unbound Group for comment.
