Family firm behind River Island backs The Hut Group and installs new non-exec

The Hut Group has followed up on a fundraising completed back in June by securing a further £9 million.

A group of investors, including the family firm which founded and owns high street retailer River Island, has backed The Hut Group with £9 million of development capital.

The fundraising, which precedes an expected stock market listing later in 2013, also sees Clive Lewis, deputy chairman of River Island, join the board as a non-executive director.

Other investors joining the Lewis family include chairman Angus Monro, founder and chief executive Matthew Moulding and historical institutional backer Artemis.

Back in June 2012, The Hut Group locked up £4 million from shareholders as part of its efforts to launch ofmyvitamins.com to sit alongside 2011 acquisition Myprotein.com.

The Hut Group has been reported to say that the Lewis family will be used to develop the company’s own clothing line.

Through its multi-channel retail presence, The Hut Group currently has interests in health and beauty, footwear and entertainment.

Sites including Zavvi.com, which it acquired in March 2009, are claimed to bring it in the region of 8 million visits a month.

A source at The Hut Group has confirmed that further details on the funding, as well as ‘a number of other activities’, will be made public as part of a trading statement at the end of the month.

Hunter Ruthven

Bernard Williamson

Hunter was the Editor for GrowthBusiness.co.uk from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

Related Topics

Venture capital funding