Beauty giant The Hut Group hits £4bn value mark despite financial rejections
Online beauty retailer and one of the country’s biggest tech companies, The Hut Group has been valued at around £4bn.
This follows various investment rounds and takeover opportunities which the company has rejected. The private business has declined many financial deals in recent months, although it sold a stake in 2017 for £2.5bn.
The Hut Group was set up in 2004 by Matthew Moulding and John Gallemore. It is based in Manchester.
This week, it is to be revealed that Beauty Hut will buy Acheson & Acheson - a beauty contract manufacturer and product developer. The deal is said to be worth around £50m - £100m.
The firm was established in 1992 by Fiona and Kenneth Acheson. This deal is said to add a further 380 people to The Hut Group’s already substantial workforce.
Matthew Moulding, The Hut Group’s chief executive, spoke of the deal, saying it is “one that uniquely positions THG to make a step-change in its innovation, operational excellence and manufacturing capacity”.
Acheson has a 78,000 sq ft facility in Somerset, while its skincare brand, Ameliorate, is sold in the likes of Marks & Spencer, Boots and Selfridges.
In 2017, The Hut Group’s sales grew by 47 per cent to £736m. International sales were up by 62 per cent.
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