British comfort footwear brand and retailer Hotter has revealed restructuring plans via a Company Voluntary Arrangement (CVA) process. In a short statement, its owner Electra Private Equity said that following the COVID-19 pandemic the management of Hotter as been in discussion with a number of its retail landlords to seek an agreement to reduce the number of stores to a level that allows the retailer to remain viable. If the CVA proposal is approved and successfully implemented, it will leave a trading estate of 15 shops.

Neil Johnson, Electra Private Equity PLC Chairman, commented: "Before the pandemic hit, Hotter, under new Chief Executive Ian Watson, was making good progress to accelerate the implementation of a digitisation strategy to return it to its direct marketing routes. The need for these actions has been intensified by the consequences of the past 3 months of lockdown. If successful, the proposed CVA will result in fewer stores, which will secure the future of a smaller, sustainable business and will save over 350 jobs. I would like to thank all our colleagues at Hotter for their continued understanding at this difficult time".