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Business News

Online retailer Hut powers towards a float


The Hut, the online retailer that boasts backers including Sir Terry Leahy and Sir Stuart Rose took a step closer to possible flotation next year as sales rose by more than 30 per cent.

Selling everything from DVDs to duffel coats, The Hut’s revenues jumped to £77.1m in the six months to the end of June, com-pared with £59.1m in the same period last year.

More than 250 jobs were created, bringing total staff to 750. It also hired Phil Wilson, formerly of Amazon and eBay, as chief technology officer.

Several new brands have been signed up by The Hut, including Hugo Boss, Paul Smith and Marc Jacobs, and earlier this year the company bought the online cycling specialist ProBikeKit.

The group shelved a potential IPO in 2011 due to market uncertainties but is now seen as a likely float candidate for next year, although advisers have yet to be appointed.