THG boss slams City critics before taking his tech platform private again
The Hut Group boss has slammed his critics in the City, just days before he takes his tech platform private again.
THG shareholders last week voted to spin off the Ingenuity business at a £90 million valuation to shore up its finances.
This followed a miserable time on the London share market, where more than £4.7 billion has been wiped out of THG since its flotation in 2020. The shares fell 1.3 percent, or 0.6p, to 44.3p yesterday, leaving the share price is worth £673 million.
The share price drop stemmed from questions about the value of the loss-making Ingenuity, which offers logistics services to other companies.
Matt Molding, who will be Ingenuity’s majority owner when it becomes private again, struck out.
He said that while the division has been called “worthless – or worse – a huge liability”, the “reality” of being a tech company was that it takes time for investments to pay off.
He blamed high interest rates, Brexit and ‘the shrinking capital pool’ of the London stock exchange.
Shares down: Hut Group boss Matt Molding (pictured) blamed high interest rates, Brexit and ‘the London stock exchange’s shrinking capital pool’ for the company’s problems
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