Hunter Boot, the royal warrant-holding footwear model, is on the march in the direction of a contemporary injection of funding practically three years after it was rescued from the brink of oblivion.
Sky News understands that the house owners of Hunter, whose boots have often been noticed on the toes of festival-going celebrities, have begun working with advisers on plans to safe new capital.
City sources mentioned the corporate was utilizing AlixPartners to run an accelerated sale course of with the target of securing a deal within the coming weeks.
Alternative outcomes if a transaction can’t be struck have been unclear on Wednesday.
Hunter, which was based in 1856 because the North British Rubber Company, is known to have seen a post-COVID rebound in gross sales, with income in China accounting for a piece of that current progress.
The firm was saved in 2020 by way of a £16.5m capital injection, a part of which got here from Pall Mall Legacy, a fund backed by Goldman Sachs and Three Hills Capital Partners, an present shareholder.
Pall Mall Legacy owns nearly all of Hunter’s shares, with Searchlight Capital Partners, a non-public fairness agency, and Pentland Group, the sportswear big behind manufacturers resembling Speedo, holding the rest.
It was unclear how a lot new funding was being sought as a part of the method being run by AlixPartners.
Hunter is one in all Britain’s most outstanding footwear manufacturers, and is one in all solely ten corporations to carry two royal warrants – one in all which was issued by Queen Elizabeth II.
It registered report gross sales in 2018, however noticed its US enterprise expertise sharp gross sales declines within the remaining quarter of final 12 months earlier than being hit by the COVID-19 pandemic.
The cancellation of reside leisure occasions and music festivals resembling Glastonbury has had a very extreme influence on Hunter, which has long-been related to celebrities resembling Kate Moss, the mannequin.
Hunter was historically dominated by gross sales of Wellington boots, however has more and more diversified right into a broader array of way of life merchandise.
It has exited its retail retailer portfolio resembling its former flagship on London’s Regent Street apart from a web site at Bicester Village and Woodbury in New York.
A supply near the enterprise mentioned it was seeing gross sales in China double every year, with the remainder of Asia additionally displaying robust progress.