Jobs boost at The Hut after record Myprotein deal
THE Hut Group, the specialist e-commerce retailer, which yesterday swooped for sports nutrition company Myprotein.com, expects to double the size of its workforce over the next two years.
The fast-growing Northwich-based group is predicting staff numbers will rise from 500 to 1,000 as it continues to expand.
It says a third of the new jobs will be created through its own apprentice scheme.
The £58m deal to acquire Manchester-based Myprotein.com also brings an added international dimension, with the company supplying customers in Spain, France, Germany and Italy.
Around 35% of the Hut’s sales are now international with its zavvi.com brand launched in Spain and Netherlands last year and Iwantoneofthose.com
franchises operating in Spain and Germany.
The acquisition of Myprotein will add revenues of around £25m to The Hut Group, which is in the early stages of preparing to float on the Stock Market later this year or early next.
The company is chaired by former Matalan chief executive Angus Monro, while two of the country’s best known retailers, former M&S boss Sir Stuart Rose and Sir Terry Leahy, who retired from the helm of Tesco earlier this year, have invested in the business.
Since launching its first website in 2004 The Hut has grown strongly and made a number of acquisitions. Sales this year are expected to reach around £160m with the majority of revenues coming from health and beauty, gifts, fashion, electricals and footwear.
Matt Moulding, chief executive of The Hut said: “Opportunities to partner with businesses of the scale of Myprotein that are continuing to grow at 50% in 2011 are few and far between, especially in this economic climate.
“The addition of Myprotein to The Hut’s operating platform is another milestone in our ambitions to become one of Europe’s leading online players.”
Simon Lord, the boss of investment bank Altium, which led the sale process, said although a relatively late entrant to the process, The Hut had acted quickly.
“In total we were mandated about 18 months ago. There was a lot of private equity interest in Myprotein. Matt and Steve (mergers and acquisitions director Steve Whitehead) called us six to eight weeks ago to express an interest.
“They picked the ball up and ran very fast with it and it was a great deal which suits all the parties.”
