The Hut is building on its success
ITS FAST GROWING BEAUTY PORTFOLIO HAS GROWN SIGNIFICANTLY IN 2017 AND NOW TRADES ON OVER 140 WEBSITES ACROSS 47 LANGUAGES
ONLINE health and beauty retailer The Hut Group has announced a £515m revolving credit facility providing the group with further ‘firepower’ to accelerate growth.
The £515m facility will be used for general corporate purposes plus any strategic initiatives the group may undertake, including possible M&A in its beauty and wellbeing divisions, where it has continued to invest.
So far this year the Cheshire-headquartered group has acquired edgy British makeup brand Illamasqua and beauty box subscription services, GlossyBox.
It also acquired internet service provider UK2 from its private equity owner LDC in May.
Its fast growing beauty portfolio, which is powered by its own technology platform, has grown significantly in 2017 and now trades on over 140 websites across 47 languages and 30 currencies.
Consequently, international sales at THG now account for 73 per cent of the group’s overall sales.
It will also use the funds to invest in further infrastructure development.
The group continues to invest in its own brand proposition, particularly its
Matthew Moulding, founder and chief executive of The Hut Group, said: “The continued confidence in the strength of our business shown by HSBC, Barclays, Santander, Lloyds, RBS, Bank of Ireland and Silicon Valley Bank is testament to their belief in our ambitions and ability to deliver.
“We are extremely pleased by the additional support of Citibank, AIMCo and JP Morgan, all of which are international banks, and further support our transformation into a truly Global Group.
“This year has seen a real acceleration in investment for THG, especially across Beauty, infrastructure, technology and talent.
“This substantial new credit facility is another important step for the Group and provides us with even more firepower to pursue our ambitions for further significant international growth.”