Hunter Boots collapse: Iconic footwear brand goes into administration owing £112m
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Popular footwear company Hunter Boot Limited has collapsed into administration owing creditors £112.8 million. The 160-year-old British company, known for its posh Wellington boots that have been worn by Kate Middleton and Kate Moss, has reportedly been struggling since 2019.
The company was bought by Authentic Brands Group, the US owner of Ted Baker and Juicy Couture earlier this month in a pre-pack administration deal worth nearly £100 million. AlixPartners, the administrator, said that Hunter had been on a decline due to a combination of reduced demand, the pandemic, supply chain disruption and inflationary pressures.
According to the Times, the administrators’ proposal report, which was published this week, revealed that as the business buckled, it owed unsecured creditors, including suppliers and landlords, £16.9 million, which they are unlikely to get back.
The report said Wells Fargo, the US bank and Hunter’s main lender, is due £18.5 million, while Goldman Sachs-backed investment fund Pall Mall Legacy is owed £7.5 million. Meanwhile, the Senior Loan Notes amounted to £25.3 million and the Junior Loan Notes, £46.5 million. This brings a total of secured debt to £97.9 million.
As they are secured creditors, they are likely to get the majority of what they are owed, the report added. The report also revealed that the company’s Bicester Village was not included in the sale and had closed.
In a message posted on its Instagram page, Hunter announced that it was in a “brief transition period”. It said: “Thank you for your patience as Hunter is in a brief transition period. We are working as quickly as we can to respond to customers enquiries and restore regular operations.”