Matt Moulding has increased his shareholding in THG – formerly The Hut – after investor SoftBank unloaded its shares at below the etailer’s IPO valuation.
THG founder Moulding and investor Qatar Holding (QIA), also an existing shareholder, bought SoftBank’s holding for approximately £31m.
Softbank’s shares in THG, which has been dogged by controversy over issues such as governance, were worth around £500m when the online group floated two years ago.
Moulding said: “I’m delighted to be further increasing my family’s stake in THG, continuing our unswerving support following on from other recent share purchases.
“QIA shares the Board’s vision of the scale of opportunity for THG, building a British global success story in large and growing addressable markets. QIA’s long-term investment approach is a positive endorsement for the UK as a whole.
“I’m incredibly proud of the progress the team continue to make in each of our major divisions and believe the uncertain macro-conditions provide an even greater opportunity for THG to further disrupt global beauty, nutrition and technology markets.
“We at THG extend our thanks to Softbank for their support as a financial and commercial partner, and we will continue to benefit from the relationships formed across their international technology portfolio.”
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