First Hotels, Now Shops: The Hut Group's Clicks To Bricks Strategy Unfolds
First it was hotels and health clubs, now it is restaurants that might be some kind of shop: The Hut Group's migration from online giant to bricks-and-mortar business has taken another step forward as it acquires the 12K SF former Jamie's Italian restaurant at King Street, Manchester.
It acquired the impressive Grade II*-listed floorspace following a competitive bidding process.
In addition to the former banking hall, THG has acquired the basement space which still comprises the original banking vault and safety deposit boxes.
THG will undertake a significant refurbishment programme whilst being sympathetic to the stylish listed features. As part of the programme, THG will convert the former restaurant site into a “World of THG” contemporary retail and experiential marketing space designed to showcase the group’s health and beauty brands.
The move into experiental retail is just part of a story in which THG has underpinned its online growth with solid bricks-and-mortar investment.
The strategic acquisition of 100 King St. is "closely aligned" to the Group’s recent c.£50M investment in the King Street Townhouse and Great John Street Hotel, the company said. It also builds on the acquisition and development of Hale Country Club & Spa in 2016.
"The development programme to create the World of THG will provide a new and innovative environment for customers and influencers to discover and fully experience our prestigious brands," THG Chief Executive Matthew Moulding said.
"In addition, while continuing to expand our international presence, as a Manchester-born business we’re committed to the North West and growing our employment base in the region.”
The Hut Group was advised by Land Law & Jenics.