Beautiful poison

2 September 2020 By Aimee Donnellan Follow @aimeedonnellan

The Hut Group’s 4.5 bln pound London market debut is riding a pandemic-fuelled boost in online sales for own-brand products like Myprotein. But baking in a semi super-vote for founder Matthew Moulding, which effectively allows him to block takeovers, may dull future successes.

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The Hut Group, a UK e-commerce and retail group, is planning an initial public offering in London, which would give it a market capitalisation of around 4.5 billion pounds, the British company said on Aug. 27.

The float would be the biggest in London since the Covid-19 crisis began. The company’s revenue was 676 million pounds in the first six months of 2020, up 35.8% year-on-year. THG targets overall revenue growth of 20%-25% over the medium term.

Its beauty and nutrition businesses, which include online retail platforms and own-brands, generated more than 550 million pounds in revenue in the period. Its technology platform and operating ecosystem, whose clients include Nestlé, Procter & Gamble and Walgreens Boots Alliance, delivered 61 million pounds in revenue.

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