Fast-growing online retailer The Hut Group (THG) has announced a new $1billion banking facility.
The Manchester-headquartered group, which revealed that 2018 sales would be in excess of $1.2bn (£920million) with customers in 166 countries, said the enhanced facility would support “major investments in beauty, technology and infrastructure”.
It brings Shanghai Pudong Development Bank on board as an investor, with Asian markets now accounting for over 20% of group sales.
In May, THG announced the opening of its new manufacturing facility in Wroclaw in Poland to enable it to expand its capabilities across European markets, and the group has now agreed new property funding of up to €40m (£34m) to buy the freehold and fit out the warehouse.
Matthew Moulding, founder and CEO of THG, said: “We are thrilled to build on the continued support shown by our banking syndicate and also very much look forward to working with our new partners. We value their support and the partnership we have developed with each of them.