The Hut Group (THG) secured a new $1 billion banking facility to fund further acquisitions and continue expansion focused in both the U.S. and Europe. Citibank, JPMorgan, Barclays, HSBC and Santander provided the enlarged facility.
The new £195 million ($256.537 million) facility is in addition to the £600 million ($789.345 million) revolving credit facility provided by THG’s wider banking syndicate.
“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,” said Matthew Moulding, founder and CEO of The Hut Group. “The world of beauty and wellbeing is being transformed globally by a digital channel shift and the explosion in high growth, small to medium-sized independent brands.
Sam Norton, Citibank managing director, added, “This latest banking facility is a clear indication of lenders’ continued strong support for The Hut Group and its management team.”
Based in Manchester, UK, The Hut Group is an e-commerce company that specializes in beauty and wellbeing products.
