WoolOvers snaps up Hotter Shoes for £6.7m
Privately-owned clothing company WoolOvers has acquired Hotter Shoes from Unbound Group in a pre-pack deal worth £6.7m.
WoolOvers, which specialises in knitwear, home accessories, and jewellery, acquired the struggling footwear brand on Tuesday afternoon.
The transaction is not expected to create any value for Unbound’s current shareholders.
Unbound Group announced on Monday morning that it had appointed administrators and suspended its shares on the London Stock Exchange.
The sale may allow the group to stay out of insolvency proceedings and give its board more time to consider its future.
It was previously reported that that Unbound Group was considering a sale. In April, WoolOvers looked to buy Hotter solvently but were beaten out by another offer which fell through.
Hotter Shoes currently trades from 17 stores and a number of concessions in garden centres.
In May, Hotter announced that a £10m investment from Marwyn Investment Management had failed to materialise. Unbound then said in June that the sales process has been terminated.
In 2020, the retailer launched a company voluntary arrangement (CVA) which led to the permanent closure of 46 stores.