Billionaire investor and philanthropist Sir Tom Hunter is a strong supporter of THG founder and CEO Matt Molding, the beleaguered beauty and nutrition digital retailer. and reaffirmed their commitment to their superiors.
Hunter says THG is a “true success story” and maintains a business relationship with Molding and remains a strong supporter of his business. He owns shares in companies worth over £100 million of him.
Hunter, who invested in THG before launching its sports division business and listing on the stock exchange, told The Times: Not many people start from scratch and grow to he one of arguably the world’s largest online beauty platforms. This is a real success story, but not a stock market success story. ”
He added: We remain committed to THG and reiterate our absolute trust in Matt Molding and his team. ”
Since listing in London in 2020 in the UK’s largest IPO in five years, the market value of the Manchester-based e-commerce group has plummeted from £5 billion to less than £680 million.
Since then, the stock has fallen amid concerns about the company’s unorthodox governance and questions about the value of Ingenuity’s technology division.
Earlier this week, news surfaced that Allianz Trade had reduced its coverage to suppliers.
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