Upmarket Hunter Boots has secured a £18.5 million lifeline from investors, including a Goldman Sachs backed fund called Pall Mall Legacy.
The deal, which was confirmed today, sees minority shareholder Pall Mall Legacy, a minority investor, become the company's controlling shareholder. Pall Mall is backed by US giant Goldman.
Hunter is a favourite among celebrities like Kate Moss as well as those who enjoy country sports like shooting and fishing.
Gordon McCallum, Chairman of Hunter, said: "While the retail sector across the globe faces huge challenges presented by the Covid-19 pandemic, we are extremely fortunate to have the support of our stakeholders, enabling us to successfully strengthen our balance sheet.
"This will ensure that we are able to withstand the current market downturn and emerge even stronger, to grow the iconic and much-loved Hunter brand over the long term."
Founded in 1856, Hunter holds two royal warrants. But the company has seen sales tumble due to coronavirus as people were forced inside during lockdown.
The cancellation of major festivals, such as Glastonbury, have also hit the company hard.
In 2006, the Hunter Rubber Company was placed into administration due to cash flow problems and following a number of structural reforms the HQ moved to Edinburgh.
Hunter was traditionally dominated by sales of Wellington boots, but over the last five years has diversified.
Over the years, the retailer has reduced its exposure to physical retail outlets, and now has only three flagship stores and three standalone shops.
It also launched an ecommerce platform that generates over 30 per cent of global sales.
