// SoftBank is offloading its stake in THG to co-founder Matthew Moulding and Qatar Investment Authority
// While it is unclear exactly how much SoftBank lost on the deal, the THG stake was worth over £500 million
SoftBank is offloading its entire stake in the troubled online company THG to co-founder Matt Moulding and Qatar Investment Authority after its share price collapsed over the past year.
Softbank will sell its 80.6m shares, which represent about 6.4% of the company’s capital, to Moulding and Qatar’s sovereign wealth fund, Qatar Investment Authority.
Moulding’s purchase will take his direct and indirect holding in THG to 320.9m shares and represents his fourth investment in THG since the IPO, with over £38m invested in August 2021, July 2022 and October 2022.
THG and SoftBank had agreed to terminate their collaboration in July blaming “global macroeconomic conditions”.
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In a stock market update this evening, CEO Matthew Moulding, said: “I’m delighted to be further increasing my family’s stake in THG, continuing our unswerving support following on from other recent share purchases.
“QIA shares the Board’s vision of the scale of opportunity for THG, building a British global success story in large and growing addressable markets. QIA’s long-term investment approach is a positive endorsement for the UK as a whole.”
THG shares have plunged over 92% since SoftBank agreed to purchase a stake in the company, as the business suffered from slowing sales and contracting margins.
Founded in 2004 by Moulding and John Gallemore, THG, formerly known as The Hut Group, started out selling CDs but now operates hundreds of websites offering beauty, skincare and health-food products.
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