Newspaper article Manchester Evening News

Hut Group's $1Bn Bank Facility

Newspaper article Manchester Evening News

Hut Group's $1Bn Bank Facility

Article excerpt

THE Hut Group, one of the world's largest online beauty and health businesses, has secured banking facilities of $1bn (£795m).

The enlarged facility will enable the group to continue its international expansion programmes, particularly those in the US and Europe.

Five banks within THG's banking syndicate have agreed to provide a further £195m facility, in addition to the recently announced £600m credit facility. This now provides THG with available banking facilities beyond $1bn for the first time. The additional £195m facility is from Barclays, HSBC, Santander, Citibank and JP Morgan. THG has grown rapidly. In the year to December 31, the group reported year-on-year group sales growth of 47 per cent (to £736m), with international sales growing 62 per cent to £512m.

Matthew Moulding, founder and CEO, said: "We are delighted with the continued backing from our lenders whose participation in this new facility demonstrates their belief in our plans for future growth and strong acquisition strategy. …

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