Double glazing magnate, one of Britain’s richest men, takes £37m stake in beleaguered online retailer THG
A double glazing magnate who is one of Britain’s richest men has acquired a £37m stake in beleaguered online retailer THG.
Brian Kennedy, former owner of the Sale Sharks rugby team, has bought nearly 3 per cent of shares in Matthew Moulding’s beauty company, whose brands include Cult Beauty, Lookfantastic and Myprotein.
The investment makes him the sixth largest shareholder of THG, formerly known as The Hut Group.
Buyout target: Matthew Molding, founder of the Hut Group, with his wife Jodie
THG was the target of a buyout approach by private equity group Apollo a few weeks ago.
Kennedy, 63, the son of a window cleaner, made his fortune from a number of businesses, including double glazing firm Everest.
He has previously invested in UK companies alongside Sir Terry Leahy, the former CEO of Tesco, who has a £16 million stake in THG.
Kennedy, who lives in Cheshire, near the nerve center of THG, had a fortune of £275 million in 2019, according to the Sunday Times Rich List.
His investment comes at an awkward time for THG, which has seen its share price fall by almost 90 per cent since its £5.4 billion IPO in 2020.
The battle – which has recently reported annual losses of £550m – has sparked speculation that entrepreneur Moulding, 51, could take the company private.
The Burnley-born online shopping mogul has made it no secret that he is disappointed in the London stock market and has complained about the way investors have treated his company.
THG was contacted for comment.