Footwear retailer Hotter Shoes is to be sold to private equity firm Electra in a £200m deal.

Hotter, which is backed by private equity firm Gresham, hired investment bank Rothschild in October to explore its options.

A sale process was conducted over the weekend after buyers had analysed the company’s Christmas trading figures.

The son of the founding family Stewart Houlgrave is understood to want funding to drive the retailer’s online and overseas growth ambitions, according to the Telegraph.

Hotter underlying profit jumped 16% in 2012 as sales increased 9% to £74.m.

Since 2012, Hotter has more than doubled its high street presence in the UK and it now has 52 UK stores.

Electra, Gresham and Rothschild all declined to comment.

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Hotter Shoes to be bought by private equity firm Electra