Private equity firm Apollo Global Management has recruited former Coty boss Camillo Pane and former Holland & Barrett chief executive Tony Buffin to advise on a THG buyout.

The involvement of the pair, reported by Sky News, makes a move on THG more likely. THG said last month it had received “a highly preliminary and non-binding indicative proposal” from Apollo. 

Apollo is required to make a proposal by the end of May 15, in accordance with takeover rules. 

THG floated at 500p per share in September 2020 and was the biggest London IPO in five years. 

Since then, THG’s share price has slumped by three-quarters amid investor doubts over the real value of its Ingenuity tech business and concerns over corporate governance. 

THG’s latest results showed record annual sales of £2.25bn but it also warned on earnings.

The online retailer recorded adjusted EBITDA of £64.1m, which THG chief executive Matt Moulding said was “not where we planned at the start of the year”.

In September, THG’s guidance was for adjusted EBITDA of £100m to £130m, but in January it revised that to between £70m and £80m.

The retailer recorded a widened operating loss of £495.6m as a result of costs relating to a strategic review, stock provision, international delivery costs and administrative costs.