Hotter owner Unbound to appoint administrators
Unbound Group, the owner of Hotter Shoes, is to line up administrators from Interpath Advisory after failing to secure a buyer.
The group’s shares have also been suspended from the London Stock Exchange.
Since the termination of its sales process, which was announced at the end of June, the group has had discussions with interested parties regarding a purchase of Unbound’s largest subsidiary, Beaconsfield Footwear.
It has also looked to progress a restructuring plan through an equity fundraise, and has investigated the possibility of an acquisition of the group’s debt by one of its shareholders. However, these discussions have been called off.
The decision to appoint Will Wright and Rick Harrison of Interpath Advisory was taken to “preserve value for the group’s creditors” and to avoid insolvency for Beaonsfield.
Interpath are now in the process of implementing a sale of Beaconsfield’s trade and assets to a third-party purchaser. Any transaction of this kind would see no value for Unbound’s current shareholders.
The group is not a trading company and has no operating revenues. It is believed to owe creditors around £0.9m. It suspended its shares on Monday morning.