Coggles owner The Hut Group has increased its corporate debt facility from £80m to £210m to fund potential new mergers and acquisitions, as well as investing in its nutrition products centre.
The online retail business, which owns several websites including MyBag.com and AllSole.com, is working with new banking partners Lloyds, RBS and Allied Irish Bank, as well as existing lenders Barclays, HSBC and Santander.
It will continue to invest in its proprietary technology platform, which generates consumer demand insights from the browsing and transactional data of more than 350 million visits to the group’s websites annually.
“2015 has been an excellent year so far, with the group delivering +40% like-for-like sales growth in the first half of the year, and earnings growth ahead of this rate,” said chief executive Matthew Moulding.
“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.”
The Hut Group bought York premium indie Coggles out of administration in 2013.