Hunter, the British bootmaker, has secured a £16.5m rescue deal to secure its future after its sales were hit by the COVID-19 crisis.
According to Sky News, the brand’s existing backers have invested the cash as part of a deal that will see former minority shareholder Pall Mall Legacy become the controlling shareholder. London-based brand house Pentland, will remain a minority shareholder.
Pall Mall Legacy is a Goldman Sachs-backed fund and its stake in Hunter will continue to be managed by private equity firm Three Hills Capital Partners. Searchlight Capital, which has controlled Hunter since 2012, will retain a large minority stake and board representation.
Hunter is a double royal warrant holder but is as well known these days for being the boot of choice for young festival go-ers as it is for those indulging in country pursuits. It was popularised as a fashion brand by the likes of Alexa Chung and Kate Moss.
The cancellation of major festivals, such as Glastonbury, has hit the brand hard and since March, Alix Partners has been holding an auction to sell the brand with potential suitors including Manchester-based The Hut Group, which owns fashion etailer Coggles and a number of beauty brands, such as Lookfantastic and Glossybox.