Goldman Sachs invests millions in The Hut Group

US investment bank and financial services giant Goldman Sachs has taken a 4.8% holding in The Hut Group, the parent company of brands including Coggles, Cult Beauty, Lookfantastic and AllSole.

Last year, Goldman Sachs was one of the seven banks hired to steer a £4.5 billion float on The London Stock Exchange, which also included Citi, JP Morgan, Barclays, HSBC, Jefferies and Numis.

Goldman Sachs is now one of the largest shareholders in The Hut Group but has a lower stake than the likes of CEO Matthew Moulding, BlackRock, Jupiter Asset Management and SoftBank.

It is estimated the value of the shares exceed £210 million.

Earlier this year, The Hut Group reported £1.6 billion of revenues for the financial year 2020, with an operating loss of £481.8 million, driven by one-off costs from investment and acquisitions.

The group had made £365 million in strategic acquisitions and also made investments in people, fulfilment and manufacturing capacity within UK, Europe, US and Asia including the addition of 5 global locations.