(Alliance News) - Electra Private Equity PLC confirmed on Monday that it will be renamed to Unbound Group PLC and relisted on AIM by the end of the month, while reporting revenue growth during November and December for its remaining operation, Hotter Shoes.
Electra shareholders approved the move to AIM from the London Main Market at a general meeting held on December 30, and trading under the new name will begin on January 31.
Electra, a former FTSE 250 listing, previously had spun off its other remaining investment, the owner of the TGI Fridays restaurant chain. This started trading on the London Main Market as Hostmore PLC back in November.
Unbound will be led by Ian Watson as chief executive officer. Watson currently holds the CEO position at Hotter Shoes.
Along with better than 9% growth in revenue during the last two months of 2021, Hotter Shoes maintained a gross margin of 66%, Electra said. This was "encouraging" in the face of rising costs in the supply chain, availability issues, and the suppression of high street demand in December due to the Omicron variant, it said.
Unbound is plans to expand beyond Hotter Shoes, building a "curated portfolio of partner brands" aimed at the "under-served" over 55s demographic. It is progressing commercial negotiations with "multiple parties".
Unbound expects the first revenue from sales of products other than Hotter footwear to come in the second quarter of this year, with a medium-term ambition to generate more than half of profit from non-Hotter Shoes products.
Watson commented: "The creation of Unbound, and its admission to AIM, will be a significant milestone and we are excited about the opportunities ahead...With our unique focus on our 55 plus customer base, underpinned by the strength of the Hotter brand and cultural and demographic tailwinds, we believe there is a significant growth opportunity for Unbound, and we look forward to creating long-term value for our existing and new shareholders."
Electra share were up 4.5% to 70.00 pence each Monday morning in London.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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