The Hut Group reaches regional final of 35 million entrepreneur challenge

This article is brought to you by Retail Technology Review: The Hut Group reaches regional final of 35 million entrepreneur challenge.

Northwich-based e-commerce software developer, The Hut Group, has been announced as a finalist in the North West and North Wales region of the Bank of Scotland Corporate 35 Million Entrepreneur Challenge.

The company, which is the fifth-largest online retailer of entertainment products in the UK, will now compete with four other entrepreneurs to secure a stunning 5 million funding package, free of interest and charges for three years.

Chief Executive Officer, Matthew Moulding, must now present his business case to a judging panel featuring two well-known and incredibly successful entrepreneurs. Matthew Riley, the national 2007 Entrepreneur Challenge winner from the Daisy Communications, and Brian Kennedy from Latium Group, will be joined by senior representatives from Bank of Scotland Corporate and Deloitte. The panel will question Matthew and the other finalists on their future business plans, as well as looking for someone with the entrepreneurial flair, spirit and vision that sets them apart from the rest and makes them an outstanding choice to receive the once in a lifetime funding package that could change the face of the business.

The judging process will take place on Thursday 20 November and will be followed that evening by a dinner and award ceremony at the Imperial War Museum in Manchester, where the winner will be announced.

The Hut Group is an online retailer delivering complete end-to-end e-commerce solutions to a broad range of well established high street brands, such as ASDA, Phones 4u and Dixons. Aside from its own online retail operations, The Hut Group designs, builds & maintains all aspects of these companies websites, being responsible for purchasing, retailing and marketing of the websites, as well as providing full distribution & customer care to the end-consumer.

The company currently provides these services across a growing range of categories including games, DVDs, books, lingerie, electronics, computing, perfume, outdoor, flowers and gifting. The Hut Group is also set to enter both the pet and garden markets. The business has a turnover of 27million and employs 71 people.

If successful in front of the judges, The Hut Group will use the funds to accelerate the expansion into new categories. The business has always been privately funded and debt free, and will take the opportunity to increase the infrastructure of the business faster than the current financing provides.

Matthew Moulding, Chief Executive Officer of The Hut Group, commented: Getting this far in the challenge is excellent news for everyone associated with the business. The nomination provides great recognition for the team through what has been a really challenging but exciting period since starting the business four and a half years ago.

Richard Faulkner, Area Director at Bank of Scotland Corporate, added; The Hut Group has quietly but assuredly become one of the major players in online retail operations; acquiring some truly blue chip clients in what is an essential area for retailers. Im sure that Matthew and his team will be looking to demonstrate their originality and ambitious business plans when they present in front of the judges.