The Hut Group rejected £3.9bn takeover bids as it continues aggressive growth

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Hut Group bank

The Hut Group is understood to have shunned numerous takeover bids and investment offers as it continues its aggressive expansion.

According to Sky News, the group has rejected bids which valued it at around £3.9 billion over the past few months from strategic and financial suitors.

This comes as the Hut Group pushes ahead with its rapid expansion ambitions, having splashed out £164 million in strategic acquisitions, including Espa, Glossbox, Illamasqua and RY over the last year.

It is understood that it will announce the acquisition of beauty contract manufacturer and product developer Acheson & Acheson later this week.

The deal, thought to be worth between £50 million and £100 million, will add another 380 people to its 3000-strong team in what its chief executive Matthew Moulding said was a “truly exciting addition” to The Hut Group.

Its recent multi-billion-pound valuation will add further strength to the group’s already considerable firepower, announcing in July that it had increased its banking facilities to more than $1 billion (£795 million).

For the year to December 31 2017, group sales at The Hut Group surged by 47 per cent to £736 million, boosted by 62 per cent skyrocketing growth in international sales.

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