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GP Bullhound advises ZEDRA on the sale of its stake in The Hut Group

Transforming the future of e-commerce.

Manchester, 16 September 2020 - GP Bullhound acted as exclusive financial adviser to ZEDRA, in its capacity as trustee of the Oliver’s Sebastian Led Trust, on the sale of its stake in The Hut Group (“THG”), a leading British e-commerce company with headquarters in Manchester. The IPO of THG at £5.4 billion values ZEDRA’s stake at over £300m.

Since 2018, GP Bullhound has been working with ZEDRA to maximise the value of its stake in THG. This stake was acquired in 2011, when Oliver Cookson sold MyProtein to THG. Since then, THG has grown year-on-year, finishing 2019 with revenues of £1.1bn and EBITDA of £111m. As the online shopping boom continued in 2020, revenues grew by 36% in the first half of the year.

In addition, THG’s underlying technology platform, Ingenuity, offers a world class e-commerce solution to some of the largest FMCG brands including Homebase, Nestle and Procter & Gamble.

During the strategic advisory engagement, Hugh Campbell, Managing Partner at GP Bullhound, also represented ZEDRA’s interests on the board of THG.

He said: “We are delighted to have worked with Joanna Bodell and Oliver Cookson in the largest listing of a British firm since 2013. The IPO of The Hut Group is the next step on its path to become the global leader in online health and beauty. The IPO enables ZEDRA to de-risk its large stake in the business whilst maintaining a significant position for the future.”

ZEDRA Managing Director Joanna Bodell said: “With consumers increasingly focused on mental and physical wellbeing, I can see a strong future for the company as it starts to license its proprietary technology to others. It would not surprise me if this becomes the next retail-tech hybrid juggernaut after Ocado. Consumer tech has become a safe haven for investors in the current markets. It has been a pleasure working with Hugh and his team as we navigated some critical decisions, negotiations and valuations over the past couple of years.”

This is yet another example of a billion dollar technology company coming out of the Manchester region, which like Boohoo, Onthebeach, Blue Prism or Autotrader, will hopefully go on to inspire the next generation of technology entrepreneurs in the region.

This is also further testament to GP Bullhound’s expertise in the Marketplaces sector, following previous transactions completed for Baltic Classifieds Group (acquired by Apax Partners), Flightright (acquired by Intermedia), and Autotrader (acquired by OLX, part of Naspers), among many others.

For enquiries, please contact:
Hugh Campbell, Managing Partner,

About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999, the firm today has offices in London, San Francisco, Stockholm, Berlin, Manchester, Paris, Hong Kong, Madrid and New York. For more information, please visit

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