Hut Group on course to becoming £2.5bn company

Technology company The Hut Group is on the verge of becoming one of the UK’s biggest privately-owned companies after securing a new round of funding valuing it at £2.5bn, according to reports.

Sky News said the Cheshire-based health and beauty specialist has signed a deal to sell a £125m stake to asset management giant Old Mutual Global Investors.

The stake – OMGI’s first equity investment in a private company – is set to be announced this week, Sky said.

The deal will make The Hut Group – the company behind brands like Grow Gorgeous and Myprotein – one of the biggest UK-based companies, just two years after it was valued at just shy of £1bn.

Founded by current chief executive Matthew Moulding and John Gallemore in 2004, The Hut Group employs more than 3,000 people.

The Hut Group was on track to record sales this year of up to £750m – a 50% increase on 2016’s figure, according to Sky.

The Hut Group declined to comment.