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Retail & Consumer

Shares in Hotter Shoes owner Unbound Group plunge as it says administration is a possibility

The group took itself off the market last month after no offers were made

Hotter Shoes is headquartered in Lancashire(Image: Hotter Shoes)

The owner of Hotter Shoes has revealed administration is a possibility if its search for finance is not successful.

Skelmersdale-headquartered Unbound Group said it is continuing to "explore options" which also include a formal restructuring and equity raise.

Shares in the group slumped by 40% after it issued a statement to the London Stock Exchange.

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The move comes after the group took itself off the market after no potential offers were received.

At the time, the group said it was "assessing the feasibility" of raising between £1.5m and £2m to support [the] implementation of a formal restructuring plan, with a view to securing a better outcome for the group".

In May , the group put itself up for sale as it warned it could struggle to pay its upcoming bills.

The group appointed Interpath Advisory to act as joint financial adviser alongside Singer Capital Markets Advisory LLP to manage a strategic review and formal sale process.