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 Gwyneth Paltrow and Chris Martin file for divorce after 10 years of marriage
- 2 Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
- 4 Bookies now say Ed Miliband is more likely to be prime minister than David Cameron
Gwyneth Paltrow and Chris Martin file for divorce after 10 years of marriage
Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
Katie Hopkins and The Sun editor David Dinsmore reported to police for incitement to racial hatred following migrant boat column
'Jihadi John': Isis executioner Mohammed Emwazi wanted to wage jihad in Somalia until his friends were betrayed and killed by al-Shabaab
Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
Katie Hopkins on LBC: Listen to caller taking The Sun columnist to task over migrant comments
iJobs Money & Business
£12000 - £15000 per annum: Recruitment Genius: An expanding Insurance Brokerag...
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£30 - 35k (DOE): Guru Careers: We are seeking a Pricing Analyst with experienc...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...