Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Hotter Shoes owner, the Unbound Group, has confirmed its intention to appoint administrators to its main subsidiary after it was unable to raise £2m to support a restructuring plan.
In an announcement, the group said it has concluded that it is required to take the “necessary steps” to preserve value for the group’s creditors and avoid the group’s main operating subsidiary, Beaconsfield Footwear Limited (OpCo), from trading insolvently.
As a result, the directors of OpCo, with oversight from the board, have resolved to file a notice of intention to appoint Will Wright and Rick Harrison of Interpath Advisory Limited as administrators to OpCo.
It also confirmed as of this morning (17 July) Unbound has requested a suspension of trading in the company’s shares on London Stock Exchange junior market AIM with immediate effect.
The company said: “It is currently expected that, following their formal appointment, the administrators will implement a sale of the trade and assets of OpCo to a third-party purchaser as soon as reasonably practicable thereafter.
“There can be no certainty that any such sale will proceed or as to the terms or timing of any such sale. Any such transaction would result in no value for the Company’s existing shareholders.”
