Shoe firm Hotter to be floated on Stock Exchange this year

Shoe firm Hotter to be floated on Stock Exchange this year

by Henry James (May 2021)

FOOTWEAR company Hotter Shoes, based in Skelmersdale, is to be floated on the stock exchange later this year.

Hotter Shoes chief executive Ian Watson has stated they are on course to sell the business by auction “at some point this year.”

Speaking to Lancashire Business View, magazine he said the last two years had been “challenging” for the business that sells more than 1.3million pairs of shoes a year and currently employs around 500 people.

Hotter, the UK’s biggest shoe manufacturer, closed 59 stores and axed hundreds of jobs in a restructuring last year, as part of a stated refocusing on the online retail model.

The firm has seen a big leap in online sales.

At the end of last year it was reported that the current owners of Hotter, Electra Private Equity, had employed investment bank Stifel to put the business up for auction.

Ian Watson told Lancashire Business View: “We are still on course to sell the business at some point this year. We’re getting it in good shape for that auction to take place.

“We have successfully remodelled the business for further growth in terms of sales and profitability.”

He said he is confident the company will continue to make great strides on its journey towards new owners and a bright digital future.

He added: “We’ve now taken the tech and put it into an app we’ve developed.

“Not only will you be able to size your feet from the comfort of your own home. It gives you a product recommendation on the back of it.

“We’re investing in augmented reality to actually show the product and what it looks like on your foot using your iPhone or android.

“It’s going to be really powerful and we’re massively excited by it.”

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