The Hut Group’s banking facility has surpassed the $1bn mark for the first time, with additional funds earmarked for US and European expansion.

The health and beauty etail group’s banking syndicate has agreed to provide a further £195m investment to the firm in addition to the £600m loan secured in May.

The online retail group said its expanded £795m credit facility, provided by Barclays, HSBC, Santander, Citibank and JP Morgan, will be used for further mergers and acquisitions of wellbeing and beauty firms as well as international expansion.

Matthew Moulding 2017

Matthew Moulding

THG chief executive and founder Matthew Moulding said: “We are delighted with the continued backing from our lenders whose participation in this new facility demonstrates their belief in our plans for future growth and strong acquisition strategy.

“The world of beauty and wellbeing is being transformed globally by a digital channel shift and the explosion in high-growth, small-to-medium-sized independent brands.

“This $1bn facility gives us significant firepower and makes us a serious player in building out our portfolio of beauty and wellbeing brands. We are uniquely well placed to become the global digital leader across such an exciting sector.”

THG posted a 51% jump in its full-year gross profits in May to £318m, bolstered by a 62% leap in international sales to £512m