The Hut Group value hits $4bn as buyout offers mount up
Manchester-based The Hut Group is understood to have rejected a string of investment and takeover bids valuing the business at nearly $4 billion.
The retail and technology company, which is expected to announce a new acquisition this week, is reluctant to sell up as it is confident in its ability to continue expanding and has significant financial firepower for more takeovers, Sky News reported.
According to the newspaper, The Hut Group will announce this week a fresh addition to its portfolio: beauty manufacturer and product developer, Acheson & Acheson. The deal, understood to be worth between £50m and £100m, follows numerous takeovers over the last year including ESPA, the skincare brand, and Eyeko, a specialist eye cosmetics brand.
The Hut Group also owns Mio Skincare, Glossybox, Grow Gorgeous and Lookfantastic.com.
Meanwhile, the British group’s tech arm has been expanded with the acquisition of Language Connect, a language translation company, and plans to open a new 10,000-square-foot office for its tech team in Salford Quays in Greater Manchester.
The decision to reject any offers comes after the company secured a $1 billion (or £795m) banking credit facility to fund more beauty acquisitions. This is the first time the company has secured such a sum, and builds on 47% sales growth last year.
Copyright © 2022 FashionNetwork.com All rights reserved.