The Hut Group secures funding valuing firm at £2.5bn
Cheshire-based The Hut Group has secured a new round of funding that values the company at £2.5bn.
The health and beauty retailer, which is behind brands including Grow Gorgeous and Myprotein, has signed a deal to sell a £125m stake to asset management firm Old Mutual Global Investors, according to Sky News.
The Hut Group is headquartered in Northwich and was set up in 2004 by chief executive Matthew Moulding and John Gallemore (above). It employs more than 3,000 people and has said it expects that figure to double by 2019.
In recent years it has embarked on an ambitious acquisition spree, buying up consumer brands and technology providers.
Existing shareholders in The Hut Group include Blackrock, the world's biggest asset manager, the private equity giant KKR and Sofina, a Belgian investor. Sofina is also understood to be injecting fresh capital to maintain its stake in the latest funding round.