Hunter Boot, the royally guaranteed footwear brand, is on track for a new funding nearly three years after being rescued from the brink of oblivion.
Sky News understands that the owner of Hunter, who frequently comes across the shoes of celebrities attending the festival, has begun working with advisors on a new fundraising plan.
City sources say the company is using AlixPartners to expedite the sales process with the goal of securing a deal in the coming weeks.
Alternative outcomes if a trade cannot be executed were not clear on Wednesday.
Hunter, founded in 1856 as the Northern British Rubber Company, is understood to have seen a recovery in sales post-COVID, with sales in China accounting for a large portion of the sales. recent growth.
the company has save in 2020 through a £16.5 million funding round, part of which came from Pall Mall Legacy, a fund backed by Goldman Sachs and Three Hills Capital Partners, a current shareholder.
Pall Mall Legacy owns a majority stake in Hunter, with Searchlight Capital Partners, a private equity firm, and Pentland Group, the sportswear giant behind brands like Speedo, holding the rest.
It is unclear how much new funding is being sought as part of a process run by AlixPartners.
Hunter is one of Britain’s most prominent footwear brands and one of only ten companies to hold two royal certificates – one of which was issued by Queen Elizabeth II.
It registered record sales in 2018, but saw the US business experience a sharp drop in sales in the last quarter of last year before the COVID-19 pandemic. attack.
The cancellation of live entertainment events and music festivals like Glastonbury has had a particularly severe impact on Hunter, who has long been associated with celebrities such as model Kate Moss.
Hunter has traditionally been dominated by Wellington boot sales, but is increasingly diversifying into more lifestyle products.
It has exited its retail store portfolio, such as its former flagship store on London’s Regent Street, with the exception of a location at Bicester Village and Woodbury in New York.
A source close to the business said sales in China are doubling every year, with the rest of Asia also showing strong growth.
