MyProtein owner The Hut Group has expanded its credit facility, attaining £345m to fund potential acquisitions and future expansion.

The Hut Group

Replacing an existing loan agreement, the sports nutrition and beauty specialist has agreed a four-year £345m revolving credit facility.

The etailer, which acquired Ideal Shape last year, said the cash will be used for general corporate purposes as well as strategic initiatives, including possible mergers and acquisitions in its core health and beauty categories.

It also intends to invest in the development of its global distribution centres, nutrition production centres and its technology platform.

The Hut chief executive Matthew Moulding said: “2016 saw a step change in investment to power future growth, with a total of £250m invested in infrastructure development.

“This new facility provides us with a very powerful foundation to further differentiate our business model and expand both in the UK and internationally, with a specific focus on supply chain integration across the health and beauty sectors.”

The business has increased the number of banks involved to seven, adding the Bank of Ireland and Silicon Valley Bank to its list of existing partners: HSBC, Barclays, Santander, Lloyds and RBS.

The group, which is chaired by Co-op chief executive Richard Pennycook and whose shareholders include Sir Terry Leahy, has made a string of acquisitions in the last 18 months.

It snapped up upmarket rival Salu Beauty from Walgreens Boots Alliance, haircare brand Grow Gorgeous and Mio Skincare, which is targeted at pregnant women.

The Hut Group currently operates more than 100 websites across 34 languages and 20 currencies.