Electra Private Equity has hired the investment bank Stifel Nicolaus Europe to prepare the sale of Hotter Shoes. The timing of the disposal will be determined over the coming months as trading patterns normalize in Hotter’s new business model focused on direct to consumer channels predominantly in the U.K. and the U.S., Electra said in a regulatory filing.

On Aug. 27, Electra had announced that it was investing £2 million (€2.2m-$2.6m) in Hotter after the creditors of the British footwear retailer had approved a company voluntary arrangement (CVA). Under the CVA, Hotter is to close 46 stores, leaving it with 15 stores and a focus on e-commerce.