Electra Private Equity said having explored other possibilities, this is the would be the most attractive route to create shareholder value. 

Electra said Hotter is now a fast growing, profitable and cash-generative e-commerce-focused footwear brand.

It said: “Hotter's direct-to-consumer channels now reach 29% of the female population in the UK over the age of 55.

“Cultural and demographic shifts now provide an opportunity to further monetise the existing Hotter customer database and to grow it through the addition of similarly themed products beyond footwear.”

Its other brands will be part of a group called Hostmore, and Electra has proposed that it will be called Unbound Group, with Hotter as its only brand.

As part of the transition to Unbound, Hotter has appointed Dan Lampard as chief financial officer, effective from 30 August 2021.

In the first six months of its financial year to January 2022, Hotter's UK direct-to-consumer sales grew 39% on the comparable period in 2020, while overall sales growth was 25%.

Ian Watson, CEO of Hotter, said: "We are delighted with the progress we are making and welcome Dan to our team at this important time for the business. His track record of success in on-line, direct-to-consumer retail businesses will help drive our transformation as we work towards our listing on AIM and focus on delivering growth across our platform."

Hotter said sales its of casual shoes nearly doubled during the pandemic. Sales of active and outdoor styles were 65% higher in July 2021 than in July 2019 and the category now accounts for 20% of total sales, up from 11% in July 2019. 

During the last 18 months, Hotter has invested in technology and focused on enhancing its customer experiences. It provides a 3D foot scanning facility in stores and augmented reality in its app for customers to try on products virtually. 

Hotter’s two best selling products this year so far are Leanne ll (pictured) and Walk ll, both active shoes launched in SS21.