Electra Private Equity to rename as Unbound in hospitality demerger
Electra Private Equity has reiterated its plans for a spin off of its hospitality brands and will rename the company Unbound Group.
Restaurant brands TGI Friday and 63rd+1st will be split away under a new company named Hostmore, with shares given to Electra shareholders.
The private-equity investment trust will be left with one remaining business, Hotter Shoes, and is preparing to move to London’s AIM market as the retailer’s parent company.
Unbound will offer a selection of lifestyle and wellbeing products and services beyond shoes, starting in the first half of 2022.
Preparations for the demerger of Hostmore are proceeding well and additional announcements will be made shortly, Electra said.
Dan Lampard has been appointed chief financial officer of Hotter Shoes, effective August 30, in the restructuring.
Hotter’s overall sales grew 25 per cent in the first half of the financial year ending January 2022.
Electra chair Neil Johnson said: “It is an absolute priority for the Electra board that, having already successfully delivered significant value for shareholders in our realisation strategy, the value realised for our final two investments should also exceed expectations.
“Whilst we can’t determine the value that the market will ascribe to Hostmore and Unbound, what we can say is that we are delighted to be planning for both companies to embark on their separate journeys as independent listed companies with the management, strategy and financial position to deliver real value growth in both the short and longer terms.”
Shares were up 1.7% to 594.90 pence in London on Tuesday morning.