Hut Group targets global expansion after cash boost
Europe’s fastest-growing online health and beauty retailer has received a £345m boost thanks to a revolving credit facility, as it looks to expand at home in the UK and abroad.
The Hut Group, headquartered in Cheshire, has 130 websites in 34 languages and 20 currencies, including Lookfantastic, MyProtein, The Hut, ProBikeKit.com and AllSole.com.
Funding has been provided by HSBC, Barclays, Santander, Bank of Ireland, Silicon Valley Bank, Lloyds and RBS, and will allow the firm to “stretch” the loan as required.
It will be put towards new acquisitions, global distribution and nutrition production centres.
Group CEO Matthew Houlding said: “2016 saw a step change in investment to power future growth, with a total of £250m invested in infrastructure development.
“This new facility provides us with a very powerful foundation to further differentiate our business model and expand both in the UK and internationally, with a specific focus on supply chain integration across the health and beauty sectors.”
The Hut Group reported turnover of £334m for the year ending 31 December 2015, with international sales accounting for half of that, while EBITDA was up 33 per cent to £30m.This year the group is on track to deliver £490m sales and £49m EBITDA.
Moulding told the MEN: “We are delighted to build on the continued support shown by HSBC, Barclays, Santander, Lloyds, RBS and we very much look forward to working with them and our new partners at Bank of Ireland and Silicon Valley Bank.”