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The Hut Group secures new funding

Online retailer and technology company The Hut Group (THG) has secured an extended group banking facility worth over $1bn (£766m), to support major investment in beauty, technology and infrastructure.

The funding extends the retailer’s revolving credit facility to a four year deal and brings new investor Shanghai Pudong Development Bank into the business.

Asian markets now account for over 20% of group sales.

In May, THG announced the opening of its new manufacturing facility in Poland to enable it to expand its capabilities across European markets. The group has now agreed new property funding of up to €40m (£34m) to buy the freehold and fit out the newly commissioned warehouse.

Sales at THG in 2018 were in excess of $1.2bn (£919m). It’s ecommerce technology platform now trades in over 166 countries.

The retailer turned down several takeover bids last year that valued the company at nearly £4bn.

Matthew Moulding, founder and chief executive officer of THG, said: “We are thrilled to build on the continued support shown by our banking syndicate and also very much look forward to working with our new partners. We value their support and the partnership we have developed with each of them.

“Our new property funding for our distribution warehouse in Poland, alongside this extension of our credit facilities, are further powerful additions for the group and its business model as we continue to deliver on our ambitions of becoming the global digital leader across the beauty and wellbeing sector and drive forward our expansion plans.”

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