The Hut Group has confirmed plans for a £4.5 billion Initial Public Offering (IPO).
The listing includes a proposed offer of new shares to raise £920 million, plus a sale of existing shares of an amount to be confirmed at a later date. Filings state it will be a free float of at least 20 per cent on the main London Stock Exchange.
Co-founder, chief executive and executive chairman Matthew Moulding is set to share a £1.2 billion payout if the company’s market value hits certain thresholds by the end of 2022.
At the end of July, it was reported that the group had hired Citigroup, JP Morgan, Barclays, Goldman Sachs, HSBC, Jefferies and Numis to assist with the fundraise.
In 2019, the company raised €1 billion to help fund expansion plans, with significant investment from BlackRock and Sofina.
Statements showed that the online retail group generated revenue of £1.14 billion last year, while adjusted earnings were £111.3 million. Six-month sales of £675.6 million brought earnings before tax of £60.5 million to 30 June.
The Hut Group employs around 7000 people and trades in 169 countries. It plans to go public on 16 September.
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Poundland significantly reduces antisocial behaviour, aggression and shoplifting with Motorola Solutions VT100 body cameras
Retail should not be a high-risk occupation. As a company, we are focused on listening to our colleagues and customers to help them with the issues they are facing in-store and so far, the feedback on our body cameras has been excellent. They act as a great visual deterrent, help to de-escalate situations and overall, this project has significantly aided our goal to make the retail environment safer.
For further information on Motorola Solutions’ retail security products, including body cameras, click here.
For further information on Motorola Solutions’ retail security products, including body cameras, click here.
Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
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