The Hut Group eyes acquisitions after securing £210m loan

 
Kasmira Jefford
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Matthew Moulding, the chief executive of the Hut Group, and CFO John Gallemore
WEAR

WEAR-to-protein shake online conglomerate the Hut Group has secured a £210m loan with its banks as it eyes further expansion.

The firm, which counts retail veterans Sir Stuart Rose and Sir Terry Leahy among its backers, said it has replaced a £80m loan with a £210m credit facility provided by six banks, including Barclays and HSBC.

It plans to use the funding for “general corporate purposes” as well as potential merger acquisitions and investing in its nutrition production centre, which supplies its websites MyProtein and Extante Diet.

Founded in 2004, the Cheshire-based group has been growing at record pace, with like-for-like sales up by 40 per cent in the first half.

Private equity group KKR took a 20 per cent stake in July last year and in January this year the group revealed plans to invest more than £100m in a distribution centre in Warrington over the next three years.

Chief executive, Matthew Moulding, said: “This new facility provides us with a very powerful foundation to further differentiate our business model and expand both in the UK and internationally, with a specific focus on supply chain integration across the Health and Beauty sectors.”