Pure Beauty

THG CEO Matthew Moulding mulling sale of company’s £250 million headquarters

By Amanda Pauley | Published: 6-Jul-2023

A real estate investor is alleged to be eyeing up the British beauty and fashion retail group’s Icon Business Park site in Manchester

THG’s CEO Matthew Moulding is allegedly exploring the sale of the company’s Manchester headquarters. 

A real estate investor is reportedly tipped to buy the British beauty and fashion retail group’s 1,000,000sqft Icon Business Park, which includes five industrial units and an office. 

Moulding bought the site on Sunbank Lane for £250m in 2019 via his private property portfolio company, Moulding Capital. 

SLBI Propco C, which is managed by property firm ICG Longbow, is set up to buy the business park, according to a Warrington Council cabinet report

It states that the site is used as a security for a £128m portion of a £202m loan the authority gave to the group of companies controlled by Moulding Capital in 2020.

The council is said to transfer £128m secured against the site to SLBI Propco C in order for the sale to complete.

ICG Longbow is described as "one of the leading institutional investors in European real estate with a 35-year track record of investing" in the report.

It is a time of change for THG, with Moulding giving up his power to halt any hostile takeover approaches of the British retail group last month. 

The founder bid farewell to his ‘Special Share’ rights to help the group join the ranks of the FTSE 250. 

Meanwhile, the company’s tech arm Ingenuity has teamed up with international professional services brand PwC to boost its digital e-commerce operations. 

The partnership is said to enhance its online customer experience and “accelerate brand growth through digital transformation”.  

THG has also had to deal with an alleged shareholders revolt over CFO Damien Sanders’ proposed salary increase, for which shareholder advisory firm Glass Lewis said there was no “compelling justification”.

The group also ended takeover talks with US buyout firm Apollo Global Management in May. 

The retailer’s board rejected Apollo’s offer based on an inadequate valuation of the company.

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