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THG CEO Matt Moulding hits back at 'negative press' as it explores Apollo buyout

Sophie Smith
19 April 2023

THG CEO Matthew Moulding has criticised the negativity from hedge funds, the media and bank analysts, following a buyout approach by Apollo Global Management earlier this week.

In a post on social media, Moulding said that "a select few within the world of hedge funds, media and bank analysts regularly build negative coverage against UK listed companies, including THG.

"The more aggressive the claims and actions against a company, the bigger the share price impact," he said.

However, Moulding acknowledged that recent press coverage about THG's potential buyout from Apollo Global Management had raised the group's share prices instead of tanking it.

"Recent negative press against THG and me has had dramatically the opposite effect than intended," he added

The lengthy statement was accompanied by a video featuring clips such as the Wolf of Wall Street, as well as a variety of negative newspaper headlines and stats about THG’s growth and expansion.

It follows THG's initial takeover proposal from Apollo Global Management. In a statement on Monday, the group said it had received a “highly preliminary and non-binding indicative proposal” to acquire the whole business. However, it did not disclose the terms or valuation of the proposal.

“There can be no certainty that any firm offer will be made,” the group added. Apollo must announce whether it plans to make a firm offer or walk away by a deadline of 15 May, in line with takeover regulations.

Yesterday, THG reported an operating loss of £495.6 million for the year ending 31 December 2022. Total revenues increased 2.7% to £2.2 billion, with the group's beauty sales up 4.5%.

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