Neil tells us there are some pubs in Hampshire that will refuse access to a thirsty dog-walker if they are not wearing a pair of mud-splattered Hunter's boots. And don't get him started on Le Chameau chasseur leather-lined wellington boots in vierzon green. Sometimes only the right footwear will do.
One of the big mistakes that Hunter Boots made was fabricating their footwear in such a way that they last forever, looking increasingly chic as they get older and tattier. This really cuts down the loyalty market. Kate Moss was spotted wearing hers at Glastonbury in 2005 and it is rumoured she hasn't taken a cloth to them since.
AlixPartners, Hunter's Administrators of choice, said that the brand had been struggling since late 2019 due to a combination of reduced demand, the pandemic, supply chain disruption and inflationary pressures. And Kate Moss, Alix, don't forget Kate Moss. It owed creditors £118 million and last week was bought as part of a pre-pack by Authentic Brands Group, the US owner of Ted Baker and Juicy Couture in a deal worth nearly £100 million.
According to the proposal report, which was published this week, it seems that as the business buckled, not unlike the smart little buckles on the sides of the boots that makes them so desirable, it owed unsecured creditors, including suppliers and landlords, £16.9 million, which they are unlikely to get back.
Wells Fargo, the US bank and Hunter’s main lender, is due £18.5 million, while Goldman Sachs-backed investment fund Pall Mall Legacy is owed £7.5 million. Meanwhile, the Senior Loan Notes amounted to £25.3 million and the Junior Loan Notes, £46.5 million. This brings a total of secured debt to £97.9 million. To put this into perspective, you can buy almost 20 pairs of smart green wellies for that amount.
We checked out Hunter Boot Limited Insta account. They reported on there: “Thank you for your patience as Hunter is in a brief transition period. We are working as quickly as we can to respond to customers enquiries and restore regular operations.”
Thank the LORD. Neil sent in a pair of Hunter Balmoral Adjustable 3mm boots for the buckles to be re-chromed almost two months ago and Elton John is finally saying Goodbye Yellow Brick Road at Glastonbury this weekend.
(Or is he? ...)
