Online retailer The Hut Group has announced a £515m revolving credit facility which it will use to boost expansion plans.

The Cheshire-based group will use the facility for general corporate purposes including infrastructure development, strategic initiatives and further acquisitions.

Recent acquisitions include a range of beauty and skincare brands including Illamasqua, ESPA and Glossybox in just three months.

Trading on over 140 websites across 47 languages, the company is now on track to grow sales by 50 per cent over the year ahead as well as increasing its team to double its current size over the next two years.

Co-founder and CEO Matthew Moulding said: “The continued confidence in the strength of our business shown by HSBC, Barclays, Santander, Lloyds, RBS, Bank of Ireland and Silicon Valley Bank is testament to their belief in our ambitions and ability to deliver. 

"We are extremely pleased by the additional support of Citibank, AIMCo and JP Morgan, all of which are international banks, and further support our transformation into a truly Global Group.

“This year has seen a real acceleration in investment for THG, especially across Beauty, infrastructure, technology and talent.

"This substantial new credit facility is another important step for the Group and provides us with even more firepower to pursue our ambitions for further significant international growth.”

The Hut Group was advised by Elizabeth Wareing and Martin O’Shea from Addleshaw Goddard. Matt Morgan of Pinsent Masons advised the syndicate assisted by Aidan Fittis.