Hotter Shoes rescued via pre-pack sale

The future of Skelmersdale's Hotter Shoes, which employs more than 400, has been secured following its sale to the WoolOvers Group.

The footwear retailer is the main trading subsidiary of AIM-listed Unbound Group plc. Difficult trading conditions had previously led management to announce that it may struggle to meet its financial obligations later in the year. 

Following an extensive exploration of options, the directors appointed Will Wright and Rick Harrison from Interpath Advisory as joint administrators on 18 July.

Immediately following their appointment, the sale of the business and certain assets were sold to an entity controlled by WoolOvers Group Ltd.

As part of the sale, all 421 employees and 27 stores and concessions have transferred across to the purchaser.

Will Wright, head of Restructuring at Interpath Advisory and joint administrator, commented: “High cost inflation and fragile consumer confidence is starting to place mounting pressure on companies up and down the high street.”

Jack Brazier, director at Interpath Advisory who advised on the transaction, added: “We’re pleased to have concluded this transaction which safeguards the future of the Hotter business, and wish WoolOvers Group all the very best for the future.”