Wed, 20 Mar 2013 | BUSINESS SALE
The owners and investors of retailer Hotter Shoes are looking into options to generate cash to expand the business, including a possible sale for £150 million.
The firm wants new funding to help enhance its presence overseas and to bolster its international sales online.
Hotter’s chief executive and son of the original founders, Stewart Houlgrave and its financial backer – the private equity firm Gresham have hired Rothschild to explore options, which include selling a minority stake or the entire company.
“Rothschild is working with Hotter Shoes on our strategy, brand development and internationalisation,” a Hotter spokesman commented.
About 1.6 million comfortable shoes are made each year from its factory in Lancashire - indeed a pair of shoes can be made in as little as 20 seconds - and are sold to people aged over 50 through its mail order operation, 50 British shops and website.
Founded in 1959, Hotter started selling directly to customers in the 1990s and also offers customer service for the UK and US from a 100-seat call centre.
The retailers’ 50th store was officially opened in Milton Keynes earlier this month, where three years previously it only had five stores. It has successfully nailed a winning formula based on the shoes, service and shopping experience, with a tagline of “customers are for life”.
Hotter’s managing director Peter Taylor, who joined the business from Hunter in 2012, commented, “Hotter is all about making our customers feel stylish and comfortable – not just when they wear our shoes, but also when they buy them.”
Hotter is aiming for underlying profits of up to £15 million for this year, which would value the business at roughly £150 million.
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