Following an institutional road show, the online retailing platform The Hut Group received a £14m investment by institutional investors via a Pre-IPO (Initial Public Offering) placing.
Artemis, The William Currie Group, Balderton Capital and retailer Angus Monro participated in the fundraising.
In conjunction with the investment, Angus Monro, Iain McDonald of The William Currie Group and Mark Evans of Balderton Capital have joined the company’s board.
Founded in 2004, The Hut Group is focused on consumer goods including Entertainment (Games, DVDs, CDs, Books), Electricals, Health & Beauty, Footwear, Gifting, Accessories, Toys, Underwear & Sports.
The fundraising, which was completed in 8 weeks, was led by Steve Whitehead, M&A Director, who joined the business in January 2010 from Barclays Private Equity. Whitehead will now lead the acquisition and integration of relevant corporate targets to further broaden the product offering across the Rudheath, UK-based company.
The Hut Group is also planning to recruit a further 100-150 staff in the coming 12-18 months.