Bank bigwig warns of potential for “massive” crypto crash October 14, 2021 A BANK of England grandee has called for cryptocurrencies to be regulated as a “matter of urgency,” warning that a “massive” market crash is a realistic scenario. Sir Jon Cunliffe, the Bank’s deputy governor for financial stability, said that crypto volatility poses a rapidly growing threat to the world economy. A crash would have the [...]
£2bn loss in 15 mins: THG in the dark over what caused share price drop of 35 per cent October 13, 2021 THG said today it still has not figured out what caused the online retailer’s share price to nosedive by 35 per cent during a shareholder meeting yesterday afternoon, wiping £2bn off its value. The firm’s management stressed they had not revealed any new information that might have caused such a major swing in the embattled [...]
THG shares dive after concerns over tech business October 12, 2021 THG shares sank 34 per cent after management failed to win over investors at a presentation on Tuesday afternoon. Executive chair and chief executive of the group, Matthew Moulding, said the group was under a “short attack” from hedge funds betting against its shares, The Financial Times reported. The presentation comes after The Analyst, an [...]
UK Fintech Mode rolls out Bitcoin cashback reward scheme October 12, 2021 Mode, an open banking platform which lets users make cardless payments through its flagship mobile app, is rolling out Bitcoin rewards. UK customers will be given the opportunity to build up a holding in Bitcoin via Mode’s FCA registered app as part of a loyalty scheme organised in partnership with THG, a digital consumer brands [...]
THG targets separate IPO for beauty business September 16, 2021 UK e-commerce company THG said this morning it will spin off its beauty division in a separate listing in 2022, and is also considering stock market listings for its other main ecommerce business, as well as its technology and logistics divisions. A stock market listing comes after THG Beauty – which counts brands such as [...]
The Hut Group billionaire Moulding loaned £151m from local council August 27, 2021 The billionaire owner behind The Hut Group (THG) has been lent £151m by Warrington council, after it secured a £4.5bn stock market listing last year. THG’s Matt Moulding was given access to a £200m loan facility by the Cheshire local council in October for Icon 3 Holdco, a company he indirectly controls. In one of [...]
Exclusive: Cult Beauty founder Jessica DeLuca on selling to THG and what happens next August 6, 2021 In the thirteen years since launching online cosmetics retailer Cult Beauty, Jessica DeLuca and Alexia Inge grew the business from £72,000 to £275m – the amount it sold to The Hut Group (THG) for this week. Jessica DeLuca, a former IT analyst, worked in the spare bedroom of her basement flat through 2007 building the [...]
British beauty: THG bags makeup retailer Cult Beauty for £275m August 4, 2021 Digital brands group THG has bought British makeup retailer Cult Beauty for £275m, which has bolstered the group’s brand offering by a further 200. THG, which already owns Eyeko and Illamasqua, will also bag the online beauty retailer’s 1.7m customers and 1.6m Instagram followers – which prove to be quite the acquisition when dealing with [...]
SoftBank subsidiary takes $2.33bn stake in The Hut Group May 10, 2021 SB Management, a wholly owned subsidiary of SoftBank Group, has partnered with The Hut Group, in a deal that will see it take a stake worth a total $2.33bn in the online retailer. The deal will see SBM will take a 19.9 per cent stake in THG’s Ingenuity business, a subsidiary business and tech [...]
Hut Group outperforms expectations as questions are raised about boss’s income January 12, 2021 The Hut Group (THG) had a good Q4 2020, enjoying revenue growth of 51 per cent year-on-year, outperforming previous guidance of 40-45 per cent. THG, which owns a range of online beauty and nutrition brands like MyProtein and Lookfantastic, delivered Q4 2020 group revenue of £558.7m, versus £370.0m in Q4 2019. Revenue was boosted by [...]