The Hut Group continues to grow: new 1 billion USD banking facility announced
It describes itself as one of the world’s largest online beauty & wellbeing businesses - and indeed, in the year to 31 December 2017, THG reported year-on-year group sales growth of 47% (to £736m), with international sales growing 62% (to £512m).
Now, it has announced that it is launching newly improved banking facilities, in excess of 1 billion USD, to further its already ambitious efforts in expanding the company internationally.
“The enlarged facility will enable the Group to continue its international expansion programmes, particularly US and European focused, alongside its UK investments,” confirms the company.
Five banks within THG’s banking syndicate have agreed to provide a further £195 million facility, in addition to the recently announced £600 million revolving credit facility already boasted by THG: this means it has available banking facilities beyond $1bn (£795m) for the first time.
THG says this will go towards its M&A strategy moving forward.
Global, digital transformation for beauty
Matthew Moulding, Founder and Chief Executive Officer of The Hut Group, says: “The world of beauty and wellbeing is being transformed globally by a digital channel shift and the explosion in high growth, small to medium-sized independent brands.”
He explains that while the company is still investing in its own brand proposition, it is keen to continue with ambitious acquisitions.
“This $1 billion (USD) facility gives us significant firepower and makes us a serious player in building out our portfolio of Beauty and Wellbeing brands,” he confirms.
“We are uniquely well-placed to become the global digital leader across such an exciting sector.”
The additional £195 million facility provides is provided by Barclays, HSBC, Santander, Citibank and JP Morgan, THG says.
