The Hut Group secures £600m credit facility for more acquisitions
The owner of beauty brands including Illamasqua, Glossybox and Espa, has secured a loan from a host of banks to continue its expansion drive through acquisitions.
The Hut Group has bagged £600 million from banks including Barclays and HSBC, it announced on Friday – a loan that will be invested in more warehouses, its delivery network and more beauty acquisitions.
The announcement follows the purchase of specialist eye cosmetics brand Eyeko earlier this month, joining a fast growing portfolio of beauty and wellbeing businesses at the group.
Matthew Moulding, founder and chief executive of The Hut Group, commented: “We are delighted with the continued backing shown by our banking syndicate. 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 company will also continue to invest in its own brands, particularly its beauty portfolio, which also includes brands such as Mio Skincare, Mama Mio, Grow Gorgeous and Lookfantastic.com.
The facility loan was provided by Barclays, HSBC, Santander, RBS, Citibank, Lloyds, Bank of Ireland, JP Morgan, Silicon Valley Bank and Aimco.
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