The Hut Group has raised €1 billion to help fund ambitious expansion plans.

According to Sky News, the health and beauty retail group has received significant investment from US asset manager BlackRock and Belgian investor Sofina.

The money will be spent on expanding its online platform Ingenuity, as well as adding more beauty and wellness brands. It is also likely to help fund new ‘content studios’ and offices at Manchester Airport.

The financing will be provided alongside a new £510 million capital market term-loan, a five-year £150 million revolving credit facility - provided by lenders including Barclays and HSBC - and a £200 million financing package from a subsidiary comprising the company’s substantial property assets.

More than half of The Hut Group’s revenue comes from its own brands, including Myprotein and a beauty products including ESPA, Ameliorate, Mio Skincare, Illamasqua and Eyeko.

It also sells over 850 beauty brands, such as Estee Lauder, MAC, Tom Ford, Bobbi Brown, Jo Malone and L'Oréal.

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