The creditors of Hotter Shoes are unlikely to see much of the monies they are owed as the latest documents compiled by administrator Interpath Advisory shows that there is a shortfall of £11.6 million. Whilst this includes £1.6m owed to Unbound Group, other creditors, some now becoming quite vocal about their concerns, nervously await news of how much they are likely to have to write off.
As one affected supplier business confided to us: “We sensed we were being strung along but had worked with Hotter for many years, long before the current owners and directors became involved. We were hopeful that things would improve and promised payments would come through but, with hindsight, we should have stopped supplying them last year. The law does little to protect service suppliers like us who have already had to write off large sums due to other business failures over the past few years. We’ve had to make job cuts and find new asset-based investment just to keep going.”
Interpath, as we previously reported, sold the assets and IP of Hotter Shoes to Wool Overs who also took on all of the employees, stores and concessions of the Hotter Shoes business.
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