THG CEO Matt Moulding is set to sell its Manchester headquarters with a real estate investor tipped to buy it.
The ecommerce company’s HQ in Icon Business Park is currently owned by Moulding, who bought the site back in 2019 in a deal understood to be worth £250m.
The 1 million sq ft business park, which is close to Manchester Airport, was completed in 2021 and includes five industrial units and an office.
According to a report to Warrington Council’s cabinet, a firm named SLBI Propco C Limited has been created to buy the business park.
SLBI Propco C Limited is managed by real estate investor ICG Longbow.
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The site was used as security for a £128m portion of a £202m loan the council gave to the THG founder’s Moulding Capital company in 2020, according to Business Live.
The news comes after the ecommerce giant’s full-year operating losses more than doubled to £500m earlier this year, due to weakened sales and non-recurring costs.
However, THG insisted its profitability had improved in the first quarter, despite sales falling 8%.
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