THG raises £95.4m to facilitate demerger of Ingenuity business
By Michele Maatouk
Date: Friday 11 Oct 2024
(Sharecast News) - E-commerce company THG said on Friday that it had raised £95.4m in a placing to help fund the demerger of its Ingenuity business.
Plans to go ahead with a demerger and for a £75m equity raising were announced after the close on Thursday.
THG said on Friday that it was able to raise more than intended thanks to "strong" support from new investors and existing shareholders.
Existing long-term and institutional shareholders contributed about £50m to the fundraise, led by chief executive Matthew Moulding, who invested £10m. Mike Ashley's Frasers Group also invested £10m.
THG, which owns brands such as Lookfantastic and Glossybox, said the demerger would facilitate the simplification of its business model "as a cash generative global consumer beauty and nutrition group, with an improved balance sheet, capex and cashflow profile".
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