The Hut Group has boosted its presence in the beauty market by acquiring haircare brand Grow Gorgeous, according to reports.

The multi-category etailer, whose shareholders include Lord Rose and Sir Terry Leahy, has bought the brand from Canada’s Deciem beauty house for an undisclosed sum, Sky News reported.

Grow Gorgeous is sold in Selfridges and Boots and has annual sales of between £10m and £20m.

The Hut chief executive Matt Moulding said last week it was “searching for massive complementary deals in the health and beauty sector”. Last year the etailer acquired Mio Skincare, which is targeted at pregnant women.

Speculation has been mounting that The Hut is looking to go public, but Moulding has ruled out the prospect of a float for now.

The group, whose chairman is Co-op chief executive Richard Pennycook, revealed 2015 sales rose 35% to £335m, while like-for-likes increased 34%. Adjusted EBITDA climbed 30% to £23m