Hunter Boot working with advisers to secure new financial backers

Hunter Boot is reportedly working with advisers at AlixPartners on plans to secure new financial backers, almost three years after it was rescued in a £16.5m rescue deal.

According to reports from Sky News, the royal warrant holder has begun working with advisers on plans to secure new capital. Sources said that the company was using AlixPartners to run an accelerated sale process with the objective of securing a deal before March.

The news publication stressed that alternative outcomes if a transaction cannot be struck were unclear.

The company was saved in 2020 with a capital injection, part of which came from Pall Mall Legacy, a fund backed by Goldman Sachs and Three Hills Capital Partners, an existing shareholder.

Searchlight Capital, which had controlled Hunter since 2012, retained a large minority stake and board representation following the deal.

Founded in 1856 as the North British Rubber Company, Hunter is one of Britain's most prominent footwear brands, commonly seen at festivals across the UK. The company has reportedly seen a post-COVID rebound in sales, with revenue in China accounting for a large amount of the recent growth.

Hunter Boots has almost entirely left bricks-and-mortar retail, having closed stores including its flagship on London's Regent Street. The brand now only has stores at Bicester Village and Woodbury in New York.

The business unveiled its new and refreshed brand identity in Autumn 2021, which saw several senior team appointments and a campaign celebrating the role Hunter has played in the world for over 160 years.

The new campaign, 'For The World Outside', was the first to be unveiled under the leadership of CEO Paolo Porta, who was appointed in June 2020. Porta quickly helped reposition Hunter Boot with a stronger focus on product elevation, diversification and sustainable practices.