// Sparta Capital, an activist hedge fund set up by an ex-Elliott Advisors executive, has taken a stake in THG
// It joins Kelso, which is thought to be pushing for THG to move its shares to the premium segment of the stock market. This would require founder Matt Moulding to relinquish his golden share
A stake in THG has been snapped up by activist hedge fund Sparta Capital.
Sparta, which was set up by former Elliott Advisors executive Franck Tuil, is the second activist fund to join the online retailer’s shareholder register, joining Kelso, which took a 0.4% in January.
Kelso is understood to be close to going public with its recommendations to the board, according to The Sunday Times.
This is expected to include urging THG to move its shares to the premium segment of the stock market.
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The online retail group, which owns brands including LookFantastic and My Protein as well as owning an ecommerce platform that it outsources to third parties, said in October 2021 that it intended to attain a premium listing.
However, the timing of the switch would depend on the outcome of a regulatory review into the listing regime.
THG founder and chief executive Matt Moulding said he would give up his golden share, which gave him the power to veto hostile takeover approaches. This is essential for THG to attain a premium listing.
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