The Hut Group's valuation hits £4bn as it plans another acquistion
The Hut Group, Britain's largest online beauty retailer, is said to have rebutted a number of takeover approaches that would have valued the business at £4bn and is on the verge of making another acquisition.
According to Sky News, The Hut Group will announce this week that it has agreed to acquire beauty manufacturer Acheson & Acheson in a deal said to be worth between £50m and £100m. The business will join others in the group including Glossy Box, Lookfantastic.com, Espa and Illamasqua. It also owns fashion etailer Coggles.
Acheson & Acheson is based in Somerset and manufactures for a range of beauty brands as well as producing its own skincare brand, Ameliorate, which is sold at Selfridges, Boots, Harvey Nichols and Marks & Spencer.
The Hut Group's CEO Matthew Moulding told Sky News that the deal was one which "uniquely positions THG to make a step-change in its innovation, operational excellence and manufacturing capacity."
Revelations that the Manchester-based business had turned down such high value offers has led to speculation about the price at which The Hut Group would eventually sell or float. However it is understood that, for now, it is not planning an exit strategy but instead is considering other acquisitions.