E-commerce provider, The Hut Group, has ranked Number 1 in this year’s ‘Sunday Times Tech Track 100’. Appearing for the third consecutive year, The Hut Group has seen sales grow 189 percent a year from £997,000 in 2005 to £24m in 2008.
The list ranks the fastest-growing private technology companies in Britain by sales growth over a three-year period. Rising from eighth position in 2008, The Hut Group runs its own stores, TheHut.com, a broad marketplace, which offers a range of lifestyle products such as clothing, beauty, entertainment and electronics. It also acquired high street brand, Zavvi.co.uk in March this year and transformed it into a thriving leisure and entertainment focused online-only retailer.
Matthew Moulding, CEO at The Hut Group (THG), comments, “To be ranked 1 is an incredible achievement. Given the tough economic climate, the huge growth and subsequent listing in the Tech Track is especially rewarding and we’re thrilled we have been able to buck the downward trend.
“The company has grown rapidly and thanks to the demand for competitively priced entertainment products and our new product categories. There is a real opportunity for us to drive the business forward; we’ll continue to improve the overall offer and experience to our customers which is our overall goal, this will deliver increased in market share in all the areas we operate in. The recent raft of management appointments within the senior team means we are well on the way to deliver our ambitious target of £90m turnover in 2009 and driving the business to the next stage in its exciting journey,” continues Moulding.
In the coming months, the group will continue to expand the range of products available, offering customers increased choice and functionality, while delivering the best price and value; making them the best choice for consumers during peak Christmas trading in 2009.
About The Hut Group
Based in Northwich, Cheshire, The Hut Group (THG) was established in 2004 by entrepreneurs, Matthew Moulding and John Gallemore.
The Hut Group has two successful retail brands within its portfolio. TheHut.com is a multi-channel retailer offering a variety of home entertainment and lifestyle products, such as DVDs, Blu-ray and CDs, as well as lingerie, cosmetics and sports and leisure equipment.
High street brand Zavvi was acquired by The Hut Group in March 2009 and is now a thriving online-only retailer. The refreshed Zavvi.com website offers customers a wider choice of entertainment products, with free delivery.
A Sunday Times Tech Track company, The Hut Group is the fastest growing technology company and is ranked 1 in the UK.