Hut Group’s $1bn bank facility

THE Hut Group, one of the world’s largest online beauty and health businesses, has secured banking facilities of $1bn (£795m).

The enlarged facility will enable the group to continue its international expansion programmes, particularly those in the US and Europe.

Five banks within THG’s banking syndicate have agreed to provide a further £195m facility, in addition to the recently announced £600m credit facility. This now provides THG with available banking facilities beyond $1bn for the first time. The additional £195m facility is from Barclays, HSBC, Santander, Citibank and JP Morgan. THG has grown rapidly. In the year to December 31, the group reported year-on-year group sales growth of 47 per cent (to £736m), with international sales growing 62 per cent to £512m.

Matthew Moulding, founder and CEO, said: “We are delighted with the continued backing from our lenders whose participation in this new facility demonstrates their belief in our plans for future growth and strong acquisition strategy.

“The world of beauty and wellbeing is being transformed globally by a digital channel shift and the explosion in high growth, small to medium-sized independent brands. This $1bn (USD) facility gives us significant firepower and makes us a serious player in building out our portfolio of Beauty and Wellbeing brands. We are uniquely well-placed to become the global digital leader across such an exciting sector.”