The Hut Group preps major tech investment
Online beauty retailer The Hut Group is set to ramp up its tech spending after securing improved banking facilities, in excess of $1 billion, from the likes of Barclays, HSBC and Santander. It did not give exact details, but said there would be “major investments in beauty, technology and infrastructure, enabling us to continue to deliver on our growth plans”.
“The enhanced facility increases and extends the revolving credit facility to a four-year deal, while the M&A facility has also been extended to become a three-year deal,” it said in a statement. “As part of this refinancing, the Group welcomes Shanghai Pudong Development Bank into the revolving credit facility, reflecting the significance of Asian markets which now account for over 20% of Group sales.”
The retailer has also agreed new property funding up to €40 million with Intesa Sanpaolo to finance the freehold acquisition and fit out of the recently commissioned distribution warehouse in Wroclaw, Poland. The 800,000 sq. ft. facility will provide faster and more efficient access to almost 300 million online shoppers, it says.