Double-glazing mogul, Brian Kennedy, has purchased a £37 million stake in online retailer THG.
The 3% share investment makes Kennedy the sixth-largest shareholder in the beauty business owned by Matthew Moulding, whose brands include MyProtein, LookFantastic and Cult Beauty.
The investment comes at a difficult time for THG, which has seen its share price drop by almost 90% since its £5.4 billion flotation in 2020. However, this comes as private equity group Apollo recently attempted to acquire the group, following speculation Moulding is set to surrender his ‘golden share’ and take the company private again.
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Recently, Moulding lashed out at institutional investors, stockbrokers, analysts and the media against “fake news” and frequent media intrusion.
Kennedy has previously invested in British companies alongside former CEO of Big 4 grocer Tesco, Sir Terry Leahy, who holds a £16 million stake in THG.
The news comes as activist shareholder group Kelso recently increased the number of stakes in THG.
Kelso took a 0.4% stake in the ecommerce group in January this year, resulting in a sum of five million shares.
At the time the group claimed THG was “a hugely exciting but significantly undervalued business”, however, since then, it increased its shareholding to 7.4 million shares.
It later confirmed it had purchased further shares in THG through a Contract for Difference (CFD), taking its total stake to eight million shares.
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