The Hut Group has secured a £600m revolving credit facility to supercharge its acquisition warpath and bolster its tech capabilities.
The etail group said this latest credit facility and term loan, which is its second in less than a year, will be used for “strategic initiatives” including “possible mergers and acquisitions in beauty and wellbeing categories” and “infrastructure development”.
The online retail firm, which has acquired businesses including Illamasqua, Glossybox and Espa in the last year, currently trades from 166 localised websites across 46 languages and 42 currencies.
The Hut Group’s latest revolving credit facility was provided by banks including HSBC, Barclays and Silicon Valley Bank.
Chief executive Matthew Moulding said: “We are delighted with the continued backing shown by our banking syndicate. We value their support and the partnership we have developed with each of them.
“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.”
No comments yet