The Hut Group has acquired a £600 million loan from a host of banks to fund its ambitious expansion and acquisition drive.
Following a blistering string of acquisitions last year, in which the online retail group acquired RY, Glossybox, Espa, Illumasqua and tech company UK-2, The Hut Group is now poised for further growth with a successful funding drive.
The loan, which is a revolving credit facility from various banks including Barclays and HSBC, will reportedly be used to invest in beauty acquisitions, more warehouses and its delivery network.
“We are delighted with the continued backing shown by our banking syndicate,” founder and chief executive Matthew Moulding 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.”
The Zavvi, Myprotien and Coggles owner counts former Tesco chief executive and retail veteran sir Terry Leahy as a backer, alongside the worlds largest asset manager Blackrock as a shareholder.