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Retail: The Hut rules out stock market float this year

May 28, 2014

Online retailer The Hut has ruled out a float this year after technology groups listing on the stock market have endured a rollercoaster ride.

Its chief executive, Matthew Moulding, said the company - which is backed by retail bigwigs including former Tesco boss Sir Terry Leahy and former Marks & Spencer boss Sir Stuart Rose - had no need to raise funds.

The Hut, which operates a portfolio of specialist retail sites including the entertainment e-tailer Zavvi and gifts site Iwantoneofthose, reported profits of pounds 3.9m in the year to 31 December, up from pounds 308,000 a year before as total sales rose 17% to pounds 184.3m.

Moulding told the Financial Times: "You have seen [some very high] valuations. Everyone needs to see how that settles down first. We don't have any need to get caught in that crossfire." He said the company was likely to seek a listing in the next two years.

Sarah Butler

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Source: Guardian (UK)

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