UK's Hut Group raises 1 bln euros for expansion
16/12/2019 24:16
Dec 15 (Reuters) - British online retailer The Hut Group
(THG) said it raised 1 billion euros ($1.10 billion) to help
fund expansion, amid macro-economic and political changes
arising from Brexit and the general election.
The new capital comprises a 600 million euro term loan, a
five-year 150 million pound ($192.45 million) credit facility
and a 200 million pound package provided to a new THG
subsidiary, the company said in an emailed statement to Reuters.
Sky News first reported on Sunday about the Manchester-based
company's plans to raise the capital.
THG said it raised about 66 million pounds of primary equity
from BlackRock Inc BLK.N and Belgium-based investment company
Sofina SA SOF.BR to help the company expand its beauty and
wellness brands as well as its e-commerce platform Ingenuity.
The capital will also be used for developments of content
studios and offices at Manchester Airport, the company added.
The fund raise comes after British Finance Minister Sajid
Javid said last week that investors were putting money into the
United Kingdom after Prime Minister Boris Johnson's landslide
election win which has cleared the way for Brexit next month.
urn:newsml:reuters.com:*:nL9N26I02H
($1 = 0.9073 euros)
($1 = 0.7794 pounds)
(Reporting by Ann Maria Shibu and Shubham Kalia in Bengaluru;
Editing by Subhranshu Sahu)
((AnnMaria.Shibu@thomsonreuters.com; +1 646 223 8780; + 91 80
6749 8912 ;))