Online retailing platform operator The Hut Group has raised £14 million from institutional investors in anticipation of a float.

Online retailing platform operator The Hut Group has raised £14 million from institutional investors in anticipation of a float.

Participants in the pre-IPO (initial public offering) placing include technology-focused venture capitalist Balderton and fund managers Artemis and The William Currie Group, as well as Angus Monro, ex-CEO of low-price retailer Matalan.

Monro has joined The Hut Group’s board along with representatives of Balderton and The William Currie Group.
Matthew Moulding, CEO of The Hut Group, says: ‘The capital will be deployed to assist with our growth plans and to acquire specialist online businesses which complement our existing product offering.’

The company, which was ranked first in the Sunday Times Tech Track 100 last year, is planning to recruit an extra 100 to 150 staff within the next 18 months.

The Hut Group helps clients including ASDA, Argos and Tesco sell their products online, as well as retailing through its own sites TheHut.com and Zavvi.com.

Transaction support data for the deal was provided by Javelin Group, led by director Michael Fine.