Hunter Boots secures 16.5 million pounds in funding

Wellington boot brand Hunter has received 16.5 million pounds in funding following a period of poor trading due to the Covid-19 pandemic.

The deal will see minority investor Pall Mall Legacy - which is backed by US investment bank Goldman Sachs - become its controlling shareholder, Sky News reports.

Searchlight Capital, which has controlled Hunter since 2012, will retain a large minority stake and board representation following the deal, while Speedo-owner Pentland Group is expected to remain a minority shareholder.

Founded in 1856, Hunter is favoured by festival-goers and celebrities like Kate Moss, and has two royal warrants.

Hunter secures rescue deal

The heritage brand reported record sales in 2018 but has since been heavily impacted by Covid-19 and the cancellation of events such as Glastonbury.

American consulting firm AlixPartners has been running a sales process of Hunter since March and said it has spoken with a number of interested parties, according to Sky News. Online beauty platform The Hut Group is reportedly one of those potential suitors.

“While the retail sector across the globe faces huge challenges presented by the Covid-19 pandemic, we are extremely fortunate to have the support of our stakeholders, enabling us to successfully strengthen our balance sheet,” said Hunter chairman Gordon McCallumin a statement.

“This will ensure that we are able to withstand the current market downturn and emerge even stronger, to grow the iconic and much-loved Hunter brand over the long term.”

Photo credit: Hunter Boots, Facebook