Cheshire’s The Hut Group has secured a £600m credit facility, which will be used for “strategic initiatives.”
These could include further mergers and acquisitions and infrastructure development.
The company will also continue to invest in its own brands, particularly its beauty portfolio, which is powered by THG Ingenuity – its e-commerce technology platform. This now trades on over 166 localised websites across 46 languages.
Earlier this month, it acquired specialist eye cosmetics brand Eyeko.
“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,” said Matthew Moulding, founder and chief executive officer of The Hut Group,
“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.”
The facility has been provided by Barclays, HSBC, Santander, RBS, Citibank, Lloyds, Bank of Ireland, JP Morgan, Silicon Valley Bank and Aimco.
“We are delighted to reaffirm our commitment to THG by participating in this latest refinancing and congratulate the team on the further increase in size of the facility and extension to the tenor which could see the facility extend into 2022. We look forward to working alongside the Group as they continue to deliver on their ambitions,” added Steven Estill, HSBC relationship director for large corporate.
The Hut Group was advised by Addleshaw Goddard, with the banking syndicated advised by Pinsent Masons.