£600m backing for Hut

THE Hut Group has bagged a £600m credit facility from banks to fund plans for rapid expansion and a potential acquisition spree.

The online retailer, whose brands include My Protein, HQ Hair, Look Fantastic, The Hut and Mankind, is backed by a number of retail veterans, including former Tesco chief executive Sir Terry Leahy and ex-Marks & Spencer boss Stuart Rose. Matthew Moulding, founder and chief executive, said: ‘This increase in our credit facilities through to 2021 is another important and powerful addition for the group and its business model, as we continue to deliver on our ambitions and drive forward our international growth.’