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UK online retailer The Hut Group, which last year salvaged Zavvi.co.uk, is taking a big £14 million ($21.7 million) investment for an acquisition spree – and then plans to float on the stock market.
The money comes from Artemis, William Currie Group, Balderton and former Matalan CEO Angus Monro, arranged by Altium. Hut’s calling it a “Pre-IPO (Initial Public Offering) placing” – it would be one of the first big UK digital flotations in some time.
But first Hut is planning the “acquisition and integration of relevant corporate targets to further broaden the product offering across the group; the capital will be deployed to assist with our growth plans and acquire specialist online businesses which complement our existing product offering.