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Ecommerce platform The Hut, which resurrected Zavvi.co.uk in March after buying the failed retail chain, rejected a takeover bid from private equity LDC and has instead got a “multi-million pound funding deal”, Crain’s Manchester Business reports.
The group, which powers e-tailing of physical goods for WH Smith, Tesco.com, Lovefilm and Argos, said the investment is “to continue both its acquisition strategy as well as driving organic growth”. Neither the sum nor investors were disclosed.
Zavvi collapsed in the high street late last year after the shutdown of Woolworths’ entertainment distributor Entertainment UK left it without stock. Hut Group bought its website Zavvi.co.uk, pledging to double the group’s staff to 100 at its Northwich office. On the back of the acquisition, Hut is forecasting 2009/10 sales of nearly £90 million, Crain’s reports.