Over 400 jobs have been saved after footwear retailer Hotter Shoes was rescued by WoolOvers Group out of administration for 拢6.7m.
The Skelmersdale-headquartered company was the main trading subsidiary of AIM-listed Unbound Group.
Will Wright and Rick Harrison from Interpath Advisory were appointed joint administrators of Beaconsfield Footwear Limited, which trades as Hotter Shoes, on July 18.
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Interpath Advisory said Hotter Shoes has been "adversely affected by difficult trading conditions" in the retail environment, and despite taking steps to address costs across the business, "creditor pressure continued to increase".
The firm added that following an "extensive exploration of options, it became clear that it would not be possible to conclude a transaction on a solvent basis" and as such, the directors took steps to seek the appointment of administrators.
Immediately following their appointment, the joint administrators concluded a sale of the business and certain assets to an entity controlled by WoolOvers Group.
As part of the sale, all 421 employees and 27 stores and concessions have transferred across to the purchaser.
Mr Wright said: "High cost inflation and fragile consumer confidence is starting to place mounting pressure on companies up and down the high street.鈥
Jack Brazier, director at Interpath Advisory who advised on the transaction, added: "We鈥檙e 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."
