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Matthew Moulding, the boss of the online beauty, nutrition and technology services group THG, is to surrender his golden share in the company in an attempt to restore the City’s confidence after a torrid fortnight.

Sky News has learnt that the owner of The Hut Group, which floated just over a year ago, will announce next week that it plans to move its listing to the premium segment of the London Stock Exchange in 2022.

To pave the way for that, THG executive chairman and chief executive Mr Moulding will give up his ‘founder’s share’ – which would prevent a hostile takeover of the company – during the course of next year.

City sources said this weekend that the move would be announced next week, and possibly as early as Monday morning.

It will represent a bid by Mr Moulding, who is THG’s biggest shareholder with a 22% stake, to establish a more conventional corporate governance structure after a calamitous week in which the company lost billions of pounds of value.

The abolition of its dual-class share structure and the prospective shift to a premium LSE listing will be welcomed by institutional investors who saw the value of their holdings tumble this week.

Some fund managers had objected to the extent of Mr Moulding’s control ahead of its float last year, although THG said at the time that the ‘special share’ would be retired after a maximum of 36 months.

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A City ally of the THG supremo said the decision reflected “a willingness to listen to the views of outside shareholders” about the existence of the ‘special share’ structure.

“Matt wants to do the right thing by the investors which came in at the time of the IPO,” the source said.

One investor said on Saturday that Mr Moulding and boardroom colleagues were now also considering recruiting an independent chairman as part of the process of stepping up to the LSE’s premium segment.

The investor added that the corporate governance changes would be viewed as a positive step, but that it was now essential if the company was to restore confidence among its wider shareholder base.

Sky News has also learnt that THG has been in talks in recent days about appointing Andreas Hansson, a senior SoftBank executive, as a non-executive director.

Dr Hansson, a former executive at the SoftBank-owned chip designer ARM Holdings, is chairman of Kahoot, an education technology platform also backed by the Japanese group.

The appointment, which has yet to be finalised, would cement a relationship between THG and the Japanese technology investment behemoth that was unveiled in May.

Under their deal, SoftBank invested $730m in THG’s ordinary shares and took an option – exercisable over a maximum of two years – to buy a 19.9% stake in THG Ingenuity, the division which builds and operates e-commerce sites for third-party clients such as Homebase and Revolution Beauty, for $1.6bn.

That option remains in place, and people close to the situation insisted this weekend that they were confident that it would be exercised.

Appointing a board member to a public company in which it holds a stake would be a rare move for SoftBank, while the agreement of THG to award a board seat to a 6% shareholder underlined the fact that their relationship was “a genuine partnership”, an insider said.

At a capital markets day this week, Mr Moulding talked up the potential of Ingenuity, but immediately saw THG’s shares slump by more than 30% amid scepticism about the lack of granular financial detail provided about the unit.

The scale of the share price fall stunned the company and its longest-standing external shareholders, which include Chrysalis Investments, the highly regarded team which has backed Klarna and Wise, the fintech giants.

THG’s other investors ahead of the IPO included BlackRock, the world’s biggest asset manager, and KKR, the New York-listed private equity investor.

The company, which is based in Manchester, has long been lauded as one of the UK’s biggest tech success stories, although there will now be intense pressure on its management to demonstrate that Ingenuity can become an engine of future earnings growth.

Since taking THG public, its executive chairman has cemented his status as one of Britain’s wealthiest people, landing a share windfall worth more than £800m late last year after hitting a number of financial targets set out in its flotation prospectus.

He already held a stake in the company worth about £1bn.

Earlier this year, Mr Moulding pledged a £100m stake in the company to a new charitable foundation, establishing him as one of Britain’s biggest individual philanthropists.

Nevertheless, THG’s promising debut on the public markets has been followed by a torrid period, with the shares more than halving during the last year.

As well as the proposed Ingenuity spin-off, it recently reiterated a plan to pursue a separate listing for its beauty division.

The company owns beauty sites such as Lookfantastic and Glossybox, and in August said it would pay about £275m to take control of Cult Beauty, a leading independent platform.

THG is also home to an online nutrition business, including MyProtein, which it says is the world’s largest sports nutrition brand.

Mr Moulding founded The Hut Group alongside John Gallemore – now its finance chief – in 2004, and it has since grown into a digital giant employing more than 10,000 people.

Ironically, his decision to surrender his golden share comes just months after a Treasury-sponsored review led by Lord Hill, the former EU commissioner, recommended that founders of fast-growing companies should be able to retain greater control after listing them through dual-class stock.

Deliveroo and Wise are the other main examples of tech companies which have floated using dual-class share structures this year.

THG floated at 500p-a-share, giving the company a market value of £4.5bn.

On Friday, the shares closed at 289.4p.

THG declined to comment on the looming governance changes.

Headline: Hut Group founder Moulding to give up golden share in bid to restore City confidence

Standfirst: The e-commerce group behind Cult Beauty and MyProtein is to apply for a premium London listing after a calamitous week that saw it shed billions of pounds of value, Sky News learns.

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Heathrow puts Jansen on runway as next chairman

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Heathrow puts Jansen on runway as next chairman

The former BT Group chief Philip Jansen is being lined up as the next chairman of Heathrow Airport as Britain’s biggest aviation hub prepares to deliver an expansion costing close to £50bn.

Sky News has learnt that Mr Jansen, who chairs the FTSE-100 marketing services group WPP, is in advanced talks with Heathrow’s board and shareholders about taking on the role.

If the discussions reach a successful conclusion, sources said an announcement could come within weeks.

Mr Jansen is said to have emerged as the frontrunner from a shortlist of candidates compiled by headhunters at Russell Reynolds Associates.

His experience as the boss of BT, a regulated utility, is said to have been key to his selection as the preferred candidate.

Mr Jansen has also run companies including MyTravel and Worldpay.

The appointment of a successor to Lord Deighton, who has held the post for nine years, comes at a critical time for Heathrow.

In August, the airport submitted a revised expansion plan consisting of a third runway costing £21bn, £12bn for a new terminal and stand capacity, and £15bn to modernise the current airport through the expansion of Terminal 2.

The existing Terminal 3 would ultimately be closed.

Read more: Full details of Heathrow’s plans for a third runway revealed

Heathrow handled a record 83.9 million passengers in 2024 and is adamant that a third runway is essential to the growth of Britain’s economy, given the volume of exports which pass through the site.

“It has never been more important or urgent to expand Heathrow,” the airport’s chief executive, Thomas Woldbye, said in August.

“We are effectively operating at capacity to the detriment of trade and connectivity.

“With a green light from government and the correct policy support underpinned by a fit for purpose regulatory model, we are ready to mobilise and start investing this year in our supply chain across the country.

“We are uniquely placed to do this for the country; it is time to clear the way for take-off.”

Read more from Money:
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The expansion remains opposed by many airlines alarmed by the prospective increase in charges to use the airport, as well

It has, however, been backed by the government, with Rachel Reeves, the chancellor, saying that a third runway “would unlock further growth, boost investment, increase exports, and make the UK more open and more connected as part of our Plan for Change”.

Heathrow’s next chairman will lead a board dominated by representatives of the airport’s principal shareholders.

Mr Woldbye apologised in May for being asleep during the power outage in March which forced Heathrow’s temporary closure.

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‘Serious questions’ after Heathrow fire

The airport said it would implement the recommendations of a review conducted by former transport secretary Ruth Kelly.

Heathrow’s search for a new chairman comes months after the most significant changes to its ownership structure in years.

Ardian, a French investment group, now owns 32.6% of the company following a series of transactions over the last 12 months.

Saudi Arabia’s Public Investment Fund has also become an investor.

Heathrow has never formally announced Lord Deighton’s intention to step down, other than a disclosure in its annual report in which he wrote:

“In light of the recent changes to the HAHL [Heathrow Airport Holdings Limited] board…the nominations committee…has asked me to extend my appointment for a limited period to help ensure a smooth transition whilst new non-executive shareholder directors become familiar with the business and a new chair is appointed.

“I have therefore agreed to extend my role as chair for a limited period to ensure continuity and stability on the HAHL Board during this period of transition.”

A Heathrow spokesperson declined to comment, while Mr Jansen could not be reached for comment.

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Major milestone in Post Office scandal as first Capture conviction referred to Court of Appeal

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Major milestone in Post Office scandal as first Capture conviction referred to Court of Appeal

The first Post Office Capture conviction has now been formally referred to the Court of Appeal, marking a major milestone in the IT scandal.

The Criminal Cases Review Commission (CCRC) made the decision to refer the case of sub-postmistress Patricia Owen back in July.

Mrs Owen was convicted of theft by a jury in 1998, based on evidence from the faulty IT software Capture.

She was given a suspended prison sentence and fought to clear her name afterwards – but died in 2003.

Capture software was used in 2,500 branches between 1992 and 1999.

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The first Capture conviction was sent for appeal in July

It is the first time a conviction based on Capture – the predecessor to the Horizon system at the centre of the wider Post Office scandal – has reached the Court of Appeal.

It comes after Sky News revealed that a damning report into Capture, which could help overturn convictions, had been unearthed after nearly 30 years.

An investigation found the Post Office knew about the report at the time and continued to prosecute sub-postmasters based on Capture evidence.

Mrs Owen’s family submitted an application to the CCRC in January 2024 – her case has now been referred on the grounds that her prosecution was an “abuse of process”.

A ‘touchstone case’ for victims

Lawyers have said that if Mrs Owen is exonerated posthumously in the Court of Appeal, it may “speed up” the handling of others.

The CCRC is also continuing to investigate more than 30 other “pre-Horizon” convictions.

CCRC chair, Dame Vera Baird, also told Sky News in the summer it could be a “touchstone case” for other victims.

Juliet Shardlow, Mrs Owen’s daughter, has been fighting to clear her mother’s name for years.

She told Sky News the family were “so pleased” her case had finally been referred.

“This has been a very long journey for us as a family and we can now see the light at the end of the tunnel,” she said.

“It’s just sad that mum isn’t here to see it.

“The good news is that once mum’s case is heard in the High Court, it will pave the way for all the other Capture victims.”

The Post Office has previously said it is “determined that past wrongs are put right and continue to support the government’s work in this area as well as fully co-operate with the Criminal Cases Review Commission”.

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UK suffers blow in bid to become minerals superpower – as it’s snubbed by its own leading firm

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UK suffers blow in bid to become minerals superpower - as it's snubbed by its own leading firm

Britain’s hopes of becoming a critical minerals superpower have been dealt a severe blow after one of its leading companies abandoned its plans to build a rare earths refinery near Hull.

Pensana had pledged to build a £250m refinery on the banks of the Humber, to process rare earths that would have then been used to make magnets for electric cars and wind turbines.

The plant promised to create 126 jobs and was due to receive millions of pounds of government funding.

However, Sky News has learnt that Pensana has decided to scrap the Hull plant and will instead move its refining operations to the US.

Pensana’s chairman, Paul Atherley, said the company had taken the decision after the Trump administration committed to buying rare earths from an American mine, Mountain Pass, at a guaranteed price – something no government in Europe had done.

“That’s repriced the market – and Washington is looking to do more of these deals, moving at an absolute rate of knots,” he said.

“Europe and the UK have been talking about critical minerals for ages. But when the Americans do it, they go big and hard, and make it happen. We don’t; we mostly just talk about it.”

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Can Trump win the mineral war?

The decision comes at a crucial juncture in critical minerals and geopolitics. China produces roughly 90% of all finished rare earth metals – exotic elements essential for the manufacture of many technology, energy and military products.

Last week, Beijing imposed restrictions on the exports of rare earths, prompting Donald Trump to threaten further 100% tariffs on China.

Pensana had been seen as Britain’s answer to the periodic panics about the availability of rare earths. The site at Saltend Chemicals Park was chosen by the government to launch its critical minerals strategy in 2022.

Visiting for the official groundbreaking, the then business and energy secretary Kwasi Kwarteng said: “This incredible facility will be the only one of its kind in Europe and will help secure the resilience of Britain’s supplies into the future.”

He pledged a government grant to support the scheme. That grant was never received because Pensana never built its plant.

Read more from Sky News:
Analysis: China’s rare-earth controls
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Paul Atherley and Kwasi Kwarteng at a groundbreaking ceremony for the plant in July 2022. Pic: Pensana
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Paul Atherley and Kwasi Kwarteng at a groundbreaking ceremony for the plant in July 2022. Pic: Pensana

Mr Atherley said he is optimistic about another project he’s involved with, to bring lithium refining to Teesside through another company, Tees Valley Lithium.

But, he said, rare earth processing is far more complex, energy-intensive and expensive, making it unviable in the UK, for the time being.

The decision is a further blow for Britain’s chemicals industry, which has faced a series of closures in recent months, including that of Vivergo, a biofuels refiner based in the same chemicals park where Pensana planned to locate its refinery.

Producers warn that Britain’s record energy costs – higher than most other leading economies – are stifling its economy and triggering an outflow of businesses.

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