Candy prepares bid for THG

Property tycoon Nick Candy is preparing a takeover bid for THG. Candy, who recently tried to buy Chelsea FC, said in a statement after the market closed that his Candy Ventures vehicle was “in the very early stages of considering a possible offer” for all of the online retailer’s shares. Fifteen minutes later, THG released a statement saying that it had received a takeover proposal of 170p a share from Belerion Capital Group and King Street Capital Management. THG, previously known as The Hut Group, operates more than 100 international websites that sell brands direct to consumers through its Ingenuity platform. Its shares have been on a rollercoaster since the company was floated by its founder, Matthew Moulding, in 2020, rising to a high of almost 800p. The shares closed down 4.9p, or 4%, to 116.1p yesterday, valuing the company at £1.42bn, but are now likely to jump on news of the takeover interest. THG shares have dropped by 85% since its £5.4bn listing. Under UK takeover rules, both Candy Ventures and the Belerion consortium have until 16 June to make a firm offer for the business or walk away. The Times (£) The FT (£) The Guardian