Unbound Group PLC (AIM:UBG)’s shares tumbled further this morning since announcing yesterday that is considering filing for administration.
Shares in the firm, which owns casual footwear brand Hotter Shoes, fell 23% to 1p.
The company said on Wednesday that it is mulling a possible administration “as one of a number of options” that it is exploring.
Unbound said that declaring possible insolvency would be dependent on ongoing discussions to implement a formal restructuring plan or raise equity funding.
It previously indicated that it would seek to raise up to £2mln of equity funding from investors.
If these discussions to raise funding or put in place a restructuring plan fail then Unbound said it would suspend its ordinary shares from trading on AIM.
The firm, previously known as Electra Private Equity PLC, began trading on the AIM market of the London Stock Exchange in February 2022.
That month it unveiled a partnership between Hotter Shoes and British retailer M&S to sell the footwear brand on the platform.