The Hut raises £9m for more acquisitions

CHESHIRE-based online retailer The Hut group has raised £9m to boost acquisitions ahead of a planned flotation later in the year.

The fundraising has been supported by the Lewis family who are behind fashion retailer River Island.

Clive Lewis has joined the board of the Northwich firm as part of the deal.

Other investors are understood to include chairman Angus Monro, chief executive Matthew Moulding, and fund manager Artemis.

The Hut, which owns websites such as myprotein.com, lookfantastic.com and zavvi, raised £4m in June from existing shareholders to support the growth of its lifestyle division.

The business which employs around 500 staff and had sales of £143m is expected to float on the London Stock Exchange later this year valued at more than £300m.

The company declined to comment on the latest investment but is planning a trading update in the next two weeks.

The Hut was advised on the fundraising by Roger Hart, corporate partner at law firm Addleshaw Goddard’s Manchester office.