Online health and beauty retailer The Hut Group (THG) to move into Manchester Airport

May 16, 2018 4:57 pm

Online health and beauty retailer The Hut Group (THG) is to expand to Manchester Airport.

The Cheshire based group is to take more than 51,000 sq ft of space in Airport City.

The ecommerce company has committed to 27,000 sq ft at 4M and 24,000 sq ft at Voyager on ten and five-year leases respectively.

Lynda Shillaw, chief executive of MAG Property, said the Airport City development is establishing itself as a digital business hub.

“Airport City is able to offer unrivalled scale in a mid-urban setting, being ideally located between Manchester city centre and Cheshire,” she said. “What’s more, we can tailor deals and afford our partners the opportunity to expand and future proof their business needs.

“The Hut Group deal embodies all of these qualities and we’re excited to welcome them to the airport campus.”

It comes at a time of strategic growth for THG which has secured a £600m credit facility for further mergers and acquisitions and infrastructure development.

The finance facility has been provided by Barclays, HSBC, Santander, RBS, Citibank, Lloyds, Bank of Ireland, JP Morgan, Silicon Valley Bank and Aimco.

Matthew Moulding, CEO of The Hut Group

Commenting on the new financial opportunity, Matthew Moulding, founder and chief executive officer of THG said: “We are delighted with the continued backing shown by our banking syndicate. We value their support and the partnership we have developed with each of them.

“This increase in our credit facilities through to 2021 is another important and powerful addition for the group and its business model, as we continue to deliver on our ambitions and drive forward our international growth.”

The Hut Group was advised by Addleshaw Goddard, with the banking syndicated advised by Pinsent Masons.

Steven Estill, HSBC relationship director for large corporate, said: “We are delighted to reaffirm our commitment to THG by participating in this latest refinancing and congratulate the team on the further increase in size of the facility and extension to the tenor which could see the facility extend into 2022. We look forward to working alongside the Group as they continue to deliver on their ambitions.”

Source

https://www.manchestereveningnews.co.uk/business/business-news/online-health-beauty-retailer-hut-14656737

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