// The boss of THG said it has rejected several takeover proposals as it warned that soaring costs could curb profit growth
// The business has faced speculation that it could be taken private after seeing a dive in its value
The boss of The Hut Group (THG) said it has rejected several takeover proposals as it warned that soaring costs could curb its profit growth in the year ahead.
Founder and chief executive Matt Moulding revealed it “has received indicative proposals from numerous parties in recent weeks”.
However, he said the retailer’s board concluded that “each and every proposal to date has been unacceptable, failing to reflect the fair value of the group”.
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The company has faced speculation that it could be taken private after its value has nosedived since its 2020 stock market float.
The news comes as THG reported that sales jumped 16.3% to £520.2 million for the first quarter of 2022.
The ecommerce group, which owns brands including MyProtein and Cult Beauty, said this reflected “very encouraging consumer demand levels” against a strong period last year while trading has started in line with expectations for the current quarter.
THG is currently valued at just under £1.5 billion by the market, compared to the £5.4 billion price tag it commanded when it listed in September 2020.
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