The Hut Group has won €1bn in new financing that will transform its balance sheet and super-charge its growth aspirations.
The online retailer has secured a new €600m capital market term-loan, a five-year £150m revolving credit facility and a £200m package provided to a new THG subsidiary, which includes its property portfolio.
Belgian investor Sofina and asset manager BlackRock, which has been a long-term investor in THG, will inject £66m in new equity between them as part of the deal, Sky News reported.
The funds come as THG continues to plough cash into its growth plans. In the last year, it has invested in its Manchester base and spent £100m on a new manufacturing hub in Poland.
THG has also revealed ambitions to increase its workforce to 10,000 within the next three years. It currently employs the majority of its 7,000 staff in Manchester.
The business was founded by Matt Moulding in 2004 and owns dozens of health and wellness brands including subscription service Glossybox, French haircare brand Christophe Robin, health food specialist Myprotein and Australian beauty retailer SkinStore.
The etail group posted a 31% boost in EBITDA to £91m in the year to December 31, 2018, driven by a 24% surge in group sales to £916m.
THG’s international sales accounted or two-thirds of group revenue during that period, while 59% of its total sales came from in-house brands.
No comments yet