The Hut Group secures $1bn for more acquisitions
Online retail giant The Hut Group has secured an enlarged banking facility of more than $1 billion (£795bn) to fund its acquisition spree.
Barclays, HSBC, Santander, Citibank and JP Morgan have given the Manchester-headquartered company a £195 million facility, in addition to the £600 million revolving credit facility it secured in May.
The Hut Group said the financial boost would allow it to continue its expansion in Europe and the US.
"We are delighted with the continued backing from our lenders whose participation in this new facility demonstrates their belief in our plans for future growth and strong acquisition strategy," said founder and CEO Matthew Moulding.
He added: "This $1 billion (USD) facility gives us significant firepower and makes us a serious player in building out our portfolio of Beauty and Wellbeing brands.
"We are uniquely well-placed to become the global digital leader across such an exciting sector."
For the year to 31 December 2017, The Hut Group grew annual sales by 47 per cent to £736 million, including international sales of £512 million.
Moulding described 2017 as a year of "significant development and growth" for the business, which made spent £164 million on strategic acquisitions during the period.
The Hut Group has also stated work on its new 870,000sq ft head office at Manchester Airport, which will take two years to complete and will home to 10,000 employees.