Hut eyes expansion after £1.8bn IPO
Having pulled off the UK’s largest public flotation in five years this week, e-commerce powerhouse The Hut Group is in talks to take further space at Manchester’s Airport City.
THG is already developing a facility within the Icon Industrial zone south of Manchester Airport, with work progressing on a 168,000 sq ft warehouse with associated offices, as well as a further 104,000 sq ft of offices and content creation studios. Construction is due for completion later this year.
Place North West understands that THG is lined up to take “significant” further space from Icon Industrial, a joint venture between Stoford Developments and investor TPG Real Estate. The opportunities being marketed at the site are a speculative build 138,000 sq ft warehouse billed as Icon 138, and a design and build opportunity of up to 450,000 sq ft.
Work is also progressing on THG’s £1bn Airport City office campus announced in 2018. In February, Contracts were exchanged for the beauty e-tailer to take a 288,000 sq ft office building as the first phase of development.
Long regarded as one of the North West’s premier business success stories, THG was founded by Lancastrian entrepreneur Matt Moulding in 2004 and its brands include ESPA, Myprotein.com and Lookfantastic.com
This week, THG raised £1.88bn in an initial public offering on the London Stock Exchange intended to be the UK’s largest ever technology flotation. It sold 376m shares at 500 pence each, valuing the company at £5.4bn.
The deal nets £920m for the business, which will be used mainly to pay down debt.
THG has been contacted for comment.
