Illamasqua owner secures $1bn to fund hunt for new brands

ONLINE beauty retail company The Hut Group has the financial firepower to buy more brands after raising its bank borrowing to more than $1bn (£795m).

Banks have provided the online beauty retailer and technology company with a £195m banking facility, building upon a £600m revolving credit facility secured in May.

The move lays the groundwork for the company, which owns cosmetics brand Illamasqua and sports nutrition supplement Myprotein, to bolster overseas growth by snapping up more beauty and well-being businesses when opportunities arise.

Matthew Moulding, the CEO, said the backing of its lenders showed their confidence in the company as it looks to become the digital leader in the sector. He said that the $1bn facility “gives us significant firepower and makes us a serious player in building out our portfolio of beauty and well-being brands”.

He added: “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.”

Those providing the credit facility include Barclays, HSBC, Santander, Citibank and JP Morgan.