The Hut Group has announced a multi-million pound investment in the business.
The firm said that funding from private investors will enable it to continue both its acquisition strategy as well as driving organic growth.
Last weekend, the firm took the number one spot in The Sunday Times ‘Tech Track 100' as the fastest-growing private technology firm in the UK,
Commenting on the investment, Matthew Moulding, CEO of The Hut Group said: This funding helps provide the necessary platform to continue our buy and build strategy following on from the successful acquisition of the Zavvi brand earlier in the year. We remain focused on launching new product categories to broaden our proposition for both existing and new partnerships.”
In addition to its own retail sites, TheHut.com and Zavvi.co.uk, the Group also delivers market leading online solutions for customers including Asda, WH Smith and Shop Direct.
This month, The Hut Group will further expand its client base by launching offerings for new partners Borders and Littlewoods, aiming to realise its target of operating 30 sites by January 2010.
Added Moulding: The deal we have completed is a very simple transaction that delivers on the key objectives we set out to achieve at the start of the process, while allowing us to keep all future options open. The management team can now focus on delivering initiatives for key Christmas trading. While we have opted, at this stage, not to complete on a deal negotiated over the last few months with Lloyds TSB Development Capital, we remain positive about looking at a similar deal again at some point in the future.
Advisors on the transaction included Carl Houghton at Clearwater Corportae Finance and James Pochin from Halliwells.