The Hut Group plans to join London Stock Exchange
The Hut Group has confirmed its plans to go ahead with its £4.5bn stock market flotation.
The Manchester based group, which is parent of fashion retailer Coggles and online beauty brands such as Lookfantastic, Illamasqua and Glossybox, will publish its registration document to join the London Stock Exchange today (27 August 2020), in a move it hopes will raise The Hut Group’s public profile.
It plans to have a free float of at least 20% of its issued share capital, and a fixed offer price that would value the company at £4.5bn. The Hut Group also plans to raise £920m by issuing new shares.
Founded in 2004, the company has reached year-on-year revenue growth of 24.5%, employs more than 7,000 people and operates from 15 sites, across beauty, nutrition and fashion.
Matthew Moulding, founder, CEO and Chairman of THG said: "Our intention to float THG on the London Stock Exchange reflects the achievements of the past but also our strong belief in the significant potential for THG in the future. THG has enjoyed strong growth since being founded in 2004, employing more than 7,000 people and establishing a track record of consistent delivery for our customers.
"The brands we own today give us leading strategic positions in prestige beauty and nutrition, powered by Ingenuity, our differentiated proprietary direct-to-consumer e-commerce solution. Ingenuity powers not just our brands but those of many other leading consumer brand owners around the world creating a highly resilient, vertically integrated business with significant growth opportunities.
"In 2019 we achieved year-on-year revenue growth of 24.5% to reach £1.1 billion with adjusted EBITDA of £111.3 million."