// The Hut Group reveals £765m banking facility
// The facility will support its upcoming investments in beauty & tech
The Hut Group has revealed a newly improved group banking facility in excess of $1 billion (£765 million).
The online retailer secured the facility to support its upcoming investments in the beauty and technology sector.
The enhanced facility is part of a four year deal, while the M&A facility has also been extended to become a three year deal.
In addition, the group agreed for new property funding for up to €40 million (£34 million) with Intesa Sanpaolo to finance the freehold acquisition and fit out of the recently commissioned distribution warehouse in Wroclaw, Poland.
The 800,000sq ft manufacturing facility will provide the group with more efficient access to around 300 million online shoppers.
The Hut Group has continued to grow, with its sales reaching $1.2 billion (£918 million) in 2018.
“Our new property funding for our distribution warehouse in Poland, alongside this extension of our credit facilities, are further powerful additions for the Group,” chief executive Matthew Moulding said.