// BlackRock and Sofina inject £66m in new capital for The Hut Group
// Retailer eyeing expansion of its beauty and wellness brands, as well as its online platform Ingenuity
The Hut Group has managed to raise €1 billion (£830,000 million) in capital as it eyes ambitious expansion plans.
BlackRock Inc is one of the world’s largest asset managers and a long-term investor in The Hut Group.
According to a new report by Sky News, it has teamed up with Belgian investor Sofina to collectively provide £66 million in new equity for the health and beauty retailer.
It’s believed the new funds will be spent on expanding the brand’s beauty and wellness brands, as well as its online platform Ingenuity.
The capital will also be used for developments of content studios and offices at Manchester Airport, the company later told Reuters.
The new financing will be provided alongside a new €600 million (£510 million) capital market term-loan, a five-year £150 million revolving credit facility provided by lenders including Barclays and HSBC; and a £200 million package provided to a new The Hut Group subsidiary comprising the company’s substantial property assets, according to Sky News.
More than 50 per cent of The Hut Group’s revenue comes from its own brands including Myprotein and a portfolio of beauty products including ESPA, Ameliorate, Mio Skincare, Illamasqua and Eyeko.
The Hut Group also sells over 850 well-established beauty brands such as Estee Lauder, MAC, Tom Ford, Bobbi Brown, Jo Malone and Loreal.