THG is considering listing MyProtein in the US, amid rising pressure from its investors to separate its nutritional division.
Shareholder Kelso Group has been advocating for the separation of the business, as a result of MyProtein’s value as a worldwide consumer brand.
Kelso Group said: “We believe that THG’s nutrition division with its main brand of MyProtein should be valued as a global consumer brand, given its near $1bn sales, double-digit EBITDA margins and increased product innovation in the current year.
“This division alone continues, in our view, to be worth more than the market capitalisation of THG”.
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The potential listing comes after the online group has experienced challenges since listing on the London Stock Exchange in 2020.
The business saw steeper operating losses in its recent half year results, as a result of a one-off, non-cash charge of £26m.
In August, THG rebranded MyProtein to position it for better growth.
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