Former Hotter Shoes owner delays publication of its accounts
Unbound Group, former owner of Skelmersdale-based Hotter Shoes, has delayed publication of its accounts.
The figures, for the year ended February 5, 2023, were due to be published by August 5.
But, following the pre-pack sale of Hotter Shoes on July 18, saving 421 jobs and 27 stores and concessions, Unbound has confirmed it will not be publishing results in the foreseeable future.
It said it continues to work with RSM UK Group, as auditor with a view to publishing the annual report as soon as “reasonably practicable”.
Trading in its shares was suspended on July 17, pending clarification of its financial position, but Unbound said its shares would, in any event, be suspended from trading on AIM with effect from 07.30 am on August 7, due to the annual report not being published by August 5.
The disposal of the business and assets of Unbound’s main operating subsidiary, Beaconsfield Footwear Limited, in administration, which includes Hotter Shoes, strips the company of all, or substantially all, of its trading businesses, activities or assets.
So, with effect from July 18, Unbound Group is regarded as an AIM Rule 15 cash shell with no operating business. If no activity ensues within a six month period, its shares will be cancelled, following a further six month period.
Unbound Group called in administrators after failing to secure a successful restructuring plan.
Talks between Unbound and suitor WoolOvers Group opened in March this year, but the following month Unbound said it favoured an approach from London-based investment company Marwyn Investment Management, instead.
However, in May, Unbound was forced to engage turnaround specialists from Interpath Advisory after Marwyn withdrew its £10m fundraising offer.
Lat week (July 17), Unbound announced the suspension of its shares and said it was about to appoint administrators after failing to raise funds or attract a suitable buyer.
The following day Interpath Advisory concluded a £6.7m sale to WoolOvers, which is backed by Scandinavian private equity business Verdane.
