Manchester online beauty and wellbeing giant The Hut Group Limited has secured a new $1 billion banking facility to fund further acquisitions.
The firm said the enlarged facility, provided by Barclays, HSBC, Santander, Citibank and JP Morgan, would enable it to continue international expansion focused on the USA and Europe.
The £195m facility is in addition to the recently announced £600m revolving credit facility provided by THG’s wider banking syndicate. In the year to 31 December 2017, THG reported year-on-year group sales growth of 47% to £736m, with international sales growing 62% to £512m.
Matthew Moulding, Founder and Chief Executive Officer of The Hut Group, said: “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.
“The world of beauty and wellbeing is being transformed globally by a digital channel shift and the explosion in high growth, small to medium-sized independent brands.
“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.”
Sam Norton, Citibank Managing Director, added: “This latest banking facility is a clear indication of lenders’ continued strong support for The Hut Group and its management team.
“Developing the capital structure this way strengthens the foundations of the company and will further help the team deliver its exciting growth story.”
