Cosmetics Business has reported overnight that UK-based The Hut Group, has secured £195 million from five banks with a view to making more beauty and wellbeing acquisitions.
"Barclays, HSBC, Santander, Citibank and JP Morgan have all rallied to raise the funds, which brings The Hut Group's total available banking facilities beyond £795m (US$1bn) for the first time," the trade publication reports.
The Hut Group founder and CEO Matthew Moulding, said: “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.
“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.
"This $1bn facility gives us significant firepower and makes us a serious player in building out our portfolio of Beauty and Wellbeing brands."
The Hut Group currently own the likes of Eyeko, Illamasqua, ESPA, Glossybox, RY and Language Connect.
