Knitwear retailer Woolovers Group has acquired Hotter Shoes in a deal that will see all 421 employees and 27 stores and concessions “transferred across to the purchaser”.

Woolovers sells knitwear, jewellery and home accessories, and is owned by European investment firm Verdane.

The privately owned fashion brand tried to buy the footwear retailer in April, but was beaten by a rival offer that was then withdrawn.

The announcement comes as Hotter parent company Unbound Group published a statement on the London Stock Exchange on Monday saying it intended to appoint Interpath Advisory as administrators.

The footwear retailer initially drafted in Interpath Advisory as financial advisers last month as speculation swirled regarding emergency restructuring plans amid “stuttering hopes of a sale” for the business.

Interpath Advisory said in a statement that “following an extensive exploration of options” it had become clear that they would not be able to complete a sale on a solvent basis.

Following the appointment of Interpath Advisory as administrators it “concluded a sale of the business and certain assets to an entity controlled by Woolovers Group Limited”.

Interpath Advisory director Jack Brazier said: “We’re pleased to have concluded this transaction, which safeguards the future of the Hotter business, and wish Woolovers Group all the very best for the future.”

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