THG ramps up governance overhaul and begins search for independent chair October 26, 2021 UK e-commerce company THG said this morning it has appointed a consulting firm to begin a search for a new independent chair for the company, in its latest attempt to appease City investors with doubts about the governance and transparency of the business. Alongside its third quarter results this morning, the group announced it had [...]
THG boss Matthew Moulding ditches share pledge against personal Barclays loan October 20, 2021 THG chief executive Matthew Moulding has dropped a pledge of shares in the business as collateral against a personal loan with Barclays, in the latest effort to claw back investor confidence after a bleak share price crash. The company today said that Moulding and his wife Jodie were no longer using THG shares as collateral [...]
Editorial: What the City can learn from Succession… and what it shouldn’t October 19, 2021 There is something viscerally thrilling about the return of Succession to our screens. Whether it is the venal backbiting, the elaborate corporate power-plays, or simply the fact that the myriad troubled characters at the heart of the Roy empire speak to each other like we’d sometimes like to speak to our colleagues, there is something [...]
THG founder Matthew Moulding to give up ‘golden share’ after £2bn mystery share plunge October 18, 2021 Online retail giant THG confirmed this morning that its founder, Matthew Moulding, has agreed to give up his “golden share” after the company’s shares plunged amid fierce scrutiny over its corporate governance. The “golden share” structure has been criticised by institutional investors who believe it can give founders too much control. THG’s structure has also [...]
THG boss to surrender ‘golden share’ after share price collapse October 17, 2021 Matthew Moulding, the founder of The Hut Group (THG), is poised to ditch his controversial “golden share” in the company in a bid to regain investor confidence after a shareholder presentation backfired last week and caused the group to lose a third of its value. Shares in UK e-commerce business THG, which owns brands such [...]
Bank bigwig warns of potential for “massive” crypto crash October 14, 2021 A BANK of England grandee has called for cryptocurrencies to be regulated as a “matter of urgency,” warning that a “massive” market crash is a realistic scenario. Sir Jon Cunliffe, the Bank’s deputy governor for financial stability, said that crypto volatility poses a rapidly growing threat to the world economy. A crash would have the [...]
£2bn loss in 15 mins: THG in the dark over what caused share price drop of 35 per cent October 13, 2021 THG said today it still has not figured out what caused the online retailer’s share price to nosedive by 35 per cent during a shareholder meeting yesterday afternoon, wiping £2bn off its value. The firm’s management stressed they had not revealed any new information that might have caused such a major swing in the embattled [...]
THG shares dive after concerns over tech business October 12, 2021 THG shares sank 34 per cent after management failed to win over investors at a presentation on Tuesday afternoon. Executive chair and chief executive of the group, Matthew Moulding, said the group was under a “short attack” from hedge funds betting against its shares, The Financial Times reported. The presentation comes after The Analyst, an [...]
UK Fintech Mode rolls out Bitcoin cashback reward scheme October 12, 2021 Mode, an open banking platform which lets users make cardless payments through its flagship mobile app, is rolling out Bitcoin rewards. UK customers will be given the opportunity to build up a holding in Bitcoin via Mode’s FCA registered app as part of a loyalty scheme organised in partnership with THG, a digital consumer brands [...]
THG targets separate IPO for beauty business September 16, 2021 UK e-commerce company THG said this morning it will spin off its beauty division in a separate listing in 2022, and is also considering stock market listings for its other main ecommerce business, as well as its technology and logistics divisions. A stock market listing comes after THG Beauty – which counts brands such as [...]