Firm set for major expansion after landing £600m worth of funding
North West firm The Hut Group has announced it has landed £600m worth of funding to help expand the business.
The Hut Group, based in Northwich and Manchester, is one of the world’s largest online beauty and wellbeing businesses.
The £600m credit facility will be used for strategic initiatives, including possible as well as infrastructure development.
The group continues to invest in its own brand, particularly its ever-growing beauty portfolio, which is powered by THG Ingenuity, its proprietary e-commerce technology platform.
The platform, which generates global consumer demand insights, continues to grow in 2018 and now trades on over 166 websites across 46 languages and 42 currencies.
Matthew Moulding, founder and chief executive officer of The Hut Group, said: “We are delighted with the continued backing shown by our banking syndicate.
“This increase in our credit facilities through to 2021 is another important and powerful addition for the Group and its business model, as we continue to deliver on our ambitions and drive forward our international growth.”
Steven Estill, HSBC Relationship Director for Large Corporate said: “We are delighted to reaffirm our commitment to THG by participating in this latest refinancing and congratulate the team on the further increase in size of the facility and extension to the tenor which could see the facility extend into 2022. We look forward to working alongside the Group as they continue to deliver on their ambitions.”
Martin Souter, Barclays Relationship director for North West Key clients, said: “THG has been on a fantastic journey thus far and Barclays is very proud of its long relationship having supported the business from its very early days. We are really pleased to be supporting with this new £600m facility, which will provide significant firepower to the Group as the Management team look to drive their M&A strategy as part of their long-term growth plans.”
The following banking teams executed the transaction: Barclays (Martin Souter, Glenn Clarke & Ashley Jacobs); HSBC (Steve Estill, Will Rix & Jake Taylor); Santander (Charlotte Lees, Andrew Mulliner & Tom Bamber); Lloyds (Kate Grimoldby, Seth Vaughan & Luke Lemon); RBS (Richard Smart, Howard Gillibrand, David Caunce & Michael Chan); Bank of Ireland (David Willis, David Neely & Alastair Kenny), Silicon Valley Bank (Rosh Wijayarathna, Charlotte Clarke & Daniel Yari), Citibank (Sam Norton, Ula Malczewska & Roy Nwachukwu), JP Morgan (Matt Gehl, Julian Rowe & Christos Kolimenakis) and AIMCo (Peter Hutton, Peter Shen).
The Hut Group was advised by Martin O’Shea, Elizabeth Wareing and Hannah Forsyth from Addleshaw Goddard. Matt Morgan of Pinsent Masons advised the syndicate, assisted by Sarah Jay.
