TIDMELTA
RNS Number : 8867X
Electra Private Equity PLC
10 January 2022
Electra Private Equity PLC
Launch of Unbound Group PLC
and
Planned relisting of Electra Private Equity PLC, to be
renamed
Unbound Group PLC, on AIM on 31 January 2022
and
Trading Update
10 January 2022
Further to its announcement on 30 December 2021, the Board of
Electra Private Equity PLC ("Electra") is pleased to confirm its
intention that the Company be renamed as Unbound Group PLC
("Unbound"), an online multi-brand retail platform supporting the
lifestyles of the 55 plus age demographic, and be relisted on AIM
with effect from 31 January 2022.
Electra shareholders approved the relisting on AIM at a General
Meeting held on 30 December 2021. As a result, it is intended that
the last day of dealings in Electra shares on the Main Market will
be 28 January 2022 and the first day of dealings in Electra shares
(to be re-named Unbound shares accordingly) on AIM will be 31
January 2022.
Unbound Group PLC
Unbound will build on the solid foundation of its current main
business, Hotter Shoes ("Hotter"), to grow value through its
curated multi-brand retail platform supporting the active
lifestyles of the 55 plus age demographic with a range of products
and services. Unbound's expanded offering beyond footwear is
expected to feature apparel, wellness and lifestyle products and
services, with third-party complementary brands featuring alongside
new Unbound brands, as well as Hotter.
Whilst continuing to develop Hotter's footwear offering for all
consumers in its targeted age demographic, Unbound intends to
leverage the highly attractive customer database and scalable
digital infrastructure of Hotter to support sales on the new
Unbound platform of its own and third-party brands and products
with related customer benefits to the same target demographic. This
development of the curated platform will be through working with
similarly focused partners to provide a range of products and
services that support the wellbeing and active lifestyles of
Hotter's customer community.
Unbound will be led by Ian Watson who is currently Chief
Executive Officer of Hotter Shoes and will become Chief Executive
Officer of Unbound Group PLC on the Company's admission to AIM.
Summary of Unbound Strategy
Unbound's strategy to provide optimal opportunity for value
creation is summarised below:
-- Following a repositioning of the Hotter business from
predominantly retail to predominantly online in 2021, Hotter now
sells its footwear products to over 29% of the UK 55 plus female
population through its direct-to-consumer channels. Building on the
strong brand, customer trust and loyalty enjoyed by Hotter, and
with current digital revenues exceeding over 75% of turnover,
Unbound is building a curated portfolio of partner brands to offer
a selected range of products and services that will enhance the
enjoyment and wellbeing of customers in the 55 plus
demographic.
-- Cultural and demographic shifts provide a significant
opportunity for Unbound to address a customer audience that is
materially under-served online with the characteristics of:
o rapidly increasing digital literacy - 55 plus demographic now
generating over 30% of overall internet participation;
o long-term structural growth in older demographics,
significantly in excess of growth in younger demographics;
o focus on health, wellbeing, leisure and recreation with a more
acute need for comfort over performance; and
o high concentration of UK wealth in the demographic results in
focus for product selection being on value rather than price.
-- The digital platform being built by Unbound allows the
development of a low risk, mutually beneficial arrangement with
select partners which will provide customers in the targeted 55
plus demographic not only with relevant and lifestyle enhancing
products and services but ultimately also a community platform.
-- Initially targeted Unbound brand partners have been
identified and commercial negotiations are in progress with
multiple parties.
-- First Unbound revenues from sales of products other than
Hotter footwear expected in Q2 2022, with medium-term ambition to
generate more than half of Unbound's profit from non-Hotter
products.
Hotter Shoes Recent Trading
Hotter has continued to deliver strong growth during November
and December, with revenues being +9% compared with the previous
year and gross margin continuing to perform positively at 65.5%.
This robust performance despite supply chain cost and availability
issues, coupled with the negative impact of Omicron suppressing
high street demand in the latter weeks of December is
encouraging.
Ian Watson, Hotter Chief Executive Officer, Unbound Chief
Executive designate, commented:
"The creation of Unbound, and its admission to AIM, will be a
significant milestone and we are excited about the opportunities
ahead.
We continue to gather excellent momentum with our new Unbound
partnership strategy, and we are in early discussions with a number
of potential partners.
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."
Neil Johnson, Electra Chairman, commented:
"The transition to Unbound Group PLC brings the Electra story to
a successful conclusion and marks the start of an exciting new
future as Unbound. We have an opportunity to build a significant
business, serving the customer demographic we know well and growing
value for shareholders."
S
Enquiries
Electra Private Equity PLC
Gavin Manson, Chief Financial and Operating Officer
020 3874 8300
Unbound Group PLC and Hotter Shoes
Jenna Shillcock
01695 712720
Vico Partners
Sofia Newitt
020 3957 5045
Notes to Editors
Electra Private Equity PLC
Electra is a private equity investment trust which has been
listed on the London Stock Exchange since 1976. Electra's
investment objective is to follow a realisation strategy, which
aims to crystallise value for shareholders, through balancing the
timing of returning cash to shareholders with maximisation of
value. Since 1 October 2016, Electra has distributed over GBP2.2
billion to shareholders through ordinary dividends, special
dividends, a share buyback and the demerger of Hostmore plc.
Unbound Group PLC
Unbound Group PLC will be the parent company for a range of
brands focused on the 55 plus demographic. I nitially focused on
Hotter Shoes, Unbound's curated, multi-brand retail platform will
offer additional products and services that will enhance the
enjoyment and wellbeing of its targeted customer community. This
online platform will be based on the foundations of Hotter as a
trusted brand, cloud-based digital infrastructure, and strong
customer personalisation through data insight. Unbound's expanded
offering beyond footwear will feature apparel and wellness products
and services, with third-party complementary brands featuring
alongside new Unbound brands, as well as Hotter.
Hotter Shoes
Hotter Shoes has been transformed from a retail to a
multi-channel business with a strong and growing digital focus over
the last 2 years, and is now a fast-growing, profitable and
cash-generative e-commerce focused footwear brand. Hotter provides
footwear with uncompromising focus on comfort and fit through the
use of differentiating technology, to a targeted demographic that
values its brand and products. Hotter's direct-to-consumer channels
now reach 29% of the female population in the UK over the age of
55, providing them with footwear that allows them to do more of
what they love. Cultural and demographic shifts now provide an
opportunity to further monetise the existing Hotter customer
database and grow it through the addition of similarly themed
products beyond footwear.
FURTHER INFORMATION
The distribution of this announcement in jurisdictions other
than the United Kingdom may be restricted by law and persons into
whose possession this document comes should inform themselves about
and observe any relevant restrictions. In particular, this document
may not be published or distributed, directly or indirectly, in or
into the United States of America, Canada, Australia, Japan or
South Africa.
This announcement does not constitute an offer or invitation to
sell or issue, or a solicitation of an offer or invitation to
purchase or subscribe for any securities in any jurisdiction nor
shall it (or any part of it) or the fact of its distribution, form
the basis of, or be relied on in connection with any contract
therefor. This announcement may not be relied upon for the purpose
of entering into any transaction and should not be construed as,
nor be relied on in connection with, any offer, invitation or
inducement to purchase or subscribe for, or otherwise acquire, hold
or dispose of any securities of Electra and shall not be regarded
as a recommendation in relation to any such transaction
whatsoever.
Certain statements made in this announcement are forward-looking
statements and by their nature, all such forward-looking statements
involve risk and uncertainty. Forward-looking statements include
all matters that are not historical facts and often use words such
as "expects", "may", "will", "could", "should", "intends", "plans",
"predicts", "envisages" or "anticipates" or other words of similar
meaning. These forward-looking statements are based on current
beliefs and expectations based on information that is known to
Electra at the date of this announcement. Actual results of the
Electra Group (being Electra and its subsidiary undertakings from
time to time), and/or their respective industries, may differ from
those expressed or implied in the forward-looking statements as a
result of any number of known and unknown risks, uncertainties and
other factors, including, but not limited to, the effects of the
COVID-19 pandemic and uncertainties about its impact and duration,
many of which are difficult to predict and are generally beyond the
control of Electra. Persons receiving this announcement should not
place undue reliance on any forward-looking statements. Unless
otherwise required by applicable law or regulation, Electra
disclaims any obligation or undertaking to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
STRBLMBTMTAMTIT
(END) Dow Jones Newswires
January 10, 2022 02:00 ET (07:00 GMT)
Unbound (LSE:UBG)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Unbound (LSE:UBG)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
