The Hut raises £4m for vitamins drive

ONLINE retailer The Hut Group,  has raised £4m from its existing shareholders to finance a drive into vitamins.

 

The Northwich company is launching myvitamins.com in August as part of its growth plan.

 

The new brand will form part of its lifestyle division, which currently includes Myprotein.com which delivered revenue growth of 87% in the first three months of this year.

 

Chairman Angus Monro said the launch of myvitamins.com was a major opportunity: “The business currently sells a significant volume of vitamins as part of the Myprotein offering and the team thoroughly understands the sector and the size of the opportunity.

 “The category fits perfectly with the Group’s focus on repeat purchase products and enables the Group to reach a broader customer demographic.”