Unbound Group is racing to secure emergency funding as it borders on the brink of collapse.

The owner of Hotter Shoes is understood to be looking to raise £2m in the coming days to support the implementation of its restricting plan, Sky News reported.

City sources told the title that without an injection of funding “in the near future”, the board would need to call in administrators.

The retailer drafted in advisors from Interpath Advisory late last month to start preparing emergency restructuring plans after it terminated a formal sale process of its Hotter Shoes brand.

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A ‘for sale’ sign was hoisted above the footwear retailer in a bid for extra funding after a £10m investment deal from Marwyn Investment Management fell through.

In a stock exchange announcement, Unbound said it had received “some positive feedback” from major shareholders about a share sale raise between £1.5m and £2m.

Talks with shareholders are said to be ongoing.

A spokesman for Unbound told the publication: “All options remain on the table and are still being considered, as we previously announced.”

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