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Gresham Private Equity, the UK mid market private equity specialist has announced it has invested in Hotter shoes (Hotter).
Hotter has established itself as an innovative multi-channel retailer, supplying its high quality comfort footwear to the affluent ‘grey' market. The business' mail order catalogues and e-commerce website generate over 70 per cent of its sales. Hotter also has its own retail outlets in Southport, Chester, Bournemouth and Gretna and sells through 300 independent retailers throughout the UK.
Founded in 1959, by Stewart's father, the company has traded exclusively as Hotter Comfort Concept since the late 1990s. The Hotter brand is synonymous with comfort, quality and style. It produces 30,000 pairs of shoes per week at its Lancashire headquarters and distinguishes itself as one of the few British made footwear brands.
The company employs nearly 400 people at its headquarters in Skelmersdale, which includes a production plant and a 100-seater call centre.
Overall Hotter plans to double its current turnover of around £38 million over the next four years.
Stewart Houlgrave, who has driven the company's expansion to date, said: "By focusing on our brand values we have established a loyal customer base, however we recognise there is huge potential to develop the business further. Our strategy is to significantly expand our product ranges for both men and women in line with the lifestyle needs of the growing over 50's market. Our investment plans include strengthening the management team, new manufacturing plant and IT systems and developing our export markets and retails outlets. The partnership with Gresham will help us to take the business forward in all these areas while remaining true to our core values."
The Gresham team was led by Andy Marsh, Iain Wolstenholme and Andy Tupholme from the Manchester office. Andy Marsh said: "We are delighted to be backing the management team of Hotter to grow the business. It is a niche brand focused on the affluent grey market where we can see existing growth potential. Also the business has real scalability through its direct marketing channels via mail order catalogues and the internet."
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