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The Hut secures £14m investment

Christopher Dring
The Hut secures £14m investment

The Hut Group has secured £14 million in investment, the firm has announced.

The money will be used to fund acquisitions and help the online retailer recruit between 100-150 new members of staff.

The fundraising was completed by a selection of blue-chip investors including VC firm Balderton Capital - which owns 50 per cent of UK publisher Codemasters.

Others who participated in the fundraising included City fund managers Artemis and The William Currie Group, and retailer Angus Monro.

Angus Monro (former CEO of Matalan), Iain McDonald of The William Currie Group and Mark Evans of Balderton Capital have each joined The Hut Group's board.

“We are delighted to have completed such a unique fundraising where we have asked major financial institutions to step outside of the norm of publicly listed companies and invest in a private company in advance of a flotation," said The Hut Group CEO Matthew Moulding.

"It is testament to the calibre of the people across the business and the opportunities ahead that we have been able to secure the support of such a high quality set of investors. The capital will be deployed to assist with our growth plans and acquire specialist online businesses which complement our existing product offering.”

M&A Director Steve Whitehead will lead the acquisitions.

The Hut Group is the fastest rising online web giant, focusing on products such as games, DVDs, CDs, books, electrical, health and beauty, footwear, toys and much more.

The company also runs the Zavvi.com website and is up for an MCV Award for best online retailer.

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Tags: investment , the hut , zavvi

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