Hotter Shoes mulls £150m sale by hiring Rothschild
The son of the founding family of the footwear retailer Hotter Shoes and its investors are exploring strategic options for the business, including a potential sale for up to £150m.
Hotter Shoes, which is backed by the private equity firm Gresham, wants fresh funds to help launch stores overseas and ramp up its international sales online.
Stewart Houlgrave, the chief executive of Hotter, whose parents founded it in 1959, and Gresham have appointed advisers at Rothschild to examine options, including selling a minority stake or the company.
The brand, which manufactures 1.6 million shoes a year at its Lancashire factory, sells its "comfort shoes" to over-50s through its mail order business, website and 50 UK stores.
A Hotter spokesman said: "Rothschild is working with Hotter Shoes on our strategy, brand development and internationalisation."
The retailer is targeting underlying profits of up to £15m this financial year – which, based on a multiple of ten times earnings, would value the business at about £150m.
Peter Taylor, the former managing director of the trendy wellington brand Hunter Boot, joined Hotter in the same role in 2011. Gresham first took a minority stake in the company in 2007, with a £21m investment.
The retailer's investors pocketed a dividend of £5.5m in 2011. Rothschild and Gresham declined to comment.
- 1 Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
- 3 Israel-Gaza conflict: The myth of Hamas’s human shields
- 5 Dutch paedophile club to fight their ban at the European Court of Human Rights
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£350 - £400 per day: Orgtel: PMO Analyst - Banking - London - £350 -£400 per d...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...