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THG boss Matt Moulding prepares to sell £250m HQ

THG CEO Matthew Moulding is set to sell its Manchester-based headquarters.

The property, which was purchased in 2019 by the ecommerce giant is situated at Icon Business Park consisting of five industrial units and an office spanning across one million sq ft.

In documents filed to Warrington Council’s cabinet, SLBI Propco C Limited has been set up to buy the business park.

According to Business Live, the company has been established through ICG Longbow’s sale and leaseback fund and is understood to becoming the new owner of the site.

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According to the council report, the site is used as security for a £128 million portion of a £202 million loan, which the authority gave to the group of companies controlled by Moulding Capital in 2020.

However, the council is set to transfer £128 million secured against the site to SLBI Propco C to complete the sale.

In the filing, ICG Longbow is described as “one of the leading institutional investors in European real estate with a 35-year track record of investing”.

The news comes as Moulding recently surrendered his “golden share” rights, which allowed him to veto hostile takeover approaches.

However, in a trading update, the company said it expects adjusted EBITDA to be in the range of £44 million to £47 million, compared with £32 million in the same period last year.

It also predicts continuing adjusted EBITDA in the range of £47 million to £50 million.

However, it revealed that guidance for FY 2023 “remains unchanged”.

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