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Online retailer The Hut has acquired Myprotein.com in a deal said to be worth around £58 million.
Chaired by former Matalan chief executive Angus Monro and counting former M&S chairman Stuart Rose among its investors, The Hut is currently the UK’s third largest online retailer of entertainment products and is thought to be planning an IPO for later this year.
The acuisition will bolster The Hut’s health and beauty offer whilst complementing its men’s grooming site mankind.co.uk. The deal will also strengthen international operations, with both companies operating throughout UK, France, Germany, Ireland, Italy and Spain.
“Myprotein.com is an outstanding business. Opportunities to partner with businesses of the scale of Myprotein that are continuing to grow at 50 percent in 2011 are few and far between.” The Hut founder and chief executive Matthew Moulding said; “The addition of Myprotein to The Hut’s operating platform is another milestone in our ambitions to become one of Europe’s leading online players.”
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