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Property mogul Nick Candy mulls takeover bid for THG

·1 min read
matt moulding
matt moulding

Property mogul Nick Candy is considering a bid for struggling online retailer THG, which said on Thursday night that it has rejected a £2bn offer from a separate group of investors.

Shares in THG had earlier closed at 116p, down more than 80pc since last September after Matt Moulding's company failed to reassure City investors over the value of its IT platform Ingenuity.

In an update to investors after the stock market closed, THG confirmed it received a "third unsolicited” bid at 170p a share from Belerion Capital and King Street Capital to acquire the company.

The offer was rejected by THG’s board after deliberations with advisers because it “significantly undervalued the company”.

Separately, Mr Candy's firm Candy Ventures Sarl issued a statement saying it was in "very early stages" of considering an offer for THG.

THG declined to comment on Candy’s statement.

Last month, the firm revealed it had been approached by bidders about a potential takeover.

It owns websites such as Lookfantastic and Myprotein and it is seeking to grow Ingenuity.

THG was touted as a major new player in British tech at the time it joined the stock market in September 2020 but shares subsequently plunged.

Mr Moulding has previously said that the float was a mistake and sought to blame short sellers for the poor performance of THG's shares.