The Hut Group wards off potential buyers as it gears up for Acheson & Acheson takeover
Online beauty retail company The Hut Group (THG) has rebuffed a series of takeover deals as it looks to expand its own acquisition spending spree.
A number of offers valuing the firm at almost £4bn have been turned away by the fast-growing technology company, according to reports from Sky News last night.
While strategic and financial buyers hoping to snap up THG have been rejected, Sky News said the e-commerce giant will announce it has bought beauty product maker Acheson & Acheson for between £50m and £100m.
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The latest deal is said to add another 380 staff to THG’s 3,000-strong workforce, which is expected to double by next year.
The rumours of further expansion plans come a month after THG secured more than $1bn (£770m) by banks to bolster its overseas growth by buying up more beauty and wellbeing businesses.
In 2017 the firm spent more than £160m on strategic deals as part of a plan to widen its portfolio of brands, and has more recently snapped up skincare brand Espa and mike-up business Illamasqua.
With brands ranging from sports nutrition supplement MyProtein to haircare product maker Grow Gorgeous, the Manchester-based business is regularly on bankers’ lists as a potential candidate for floating.
Last year it reported a 47 per cent rise in sales over 12 months, with higher profits spurred by demand for throughout international markets, particularly in the US.
THG boss Matthew Moulding told Sky News the "truly exciting addition" and "one that uniquely positions THG to make a step-change in its innovation, operational excellence and manufacturing capacity."