The Hut Group (THG), owner of ESPA, has announced plans for a £4.5bn IPO, after several years mulling the prospect.

The group is planning to float around 20 per cent of the company in a deal that would see founder and CEO, Matthew Moulding, taking £700m-worth of shares if the company achieves a market capitalisation of £7.25bn by December 2022, according to Sky News.

The float is planned for 16 September and will be the London Stock Exchange’s biggest float of the year so far.

UK-based THG was established in 2004 and now operates over 200 localised websites, retailing consumer products in 169 countries.

In 2019, it grew sales by 24 per cent to £1.14bn, with 66 per cent of sales generated internationally.

Employing over 7,000 people, the group owns a range of beauty, wellness and nutrition brands, including Christophe Robin, Eyeko and Myprotein.

Moulding said: “Our intention to float THG reflects not only the achievements of the past, but also our strong belief in its significant potential for the future.

“THG has enjoyed strong growth since being founded in 2004, employing more than 7,000 people and establishing a track record of consistent delivery for customers.”

In June, THG’s technology services division, THG Ingenuity, also announced the signing of partnership agreements with Elemis, Burt’s Bees, Nuxe, By Terry and Revolution Beauty, collectively worth more than £100m.

The partnerships were signed so THG Ingenuity can accelerate each brand’s transition towards a direct-to-consumer (DTC) model to meet growing online consumer demand.

The Elemis partnership will see THG launching the brand through localised DTC channels across 15 territories in Europe and Asia over the next 10 months.

Elemis is also leveraging THG’s local expertise and global distribution centres in the UK, Poland, Australia and Singapore to achieve fulfilment efficiencies and offer shorter delivery times and enhanced shopping experiences to customers.

Sue Harmsworth to leave ESPA

Breaking: The Hut Group acquires ESPA