In this article THG-GB Follow your favorite stocks CREATE FREE ACCOUNT THG, which was previously known as The Hut Group, is an e-commerce business based out of the U.K. Pavlo Gonchar | Sopa Images | Lightrocket via Getty Images British e-commerce firm THG said Tuesday that it is looking to spin off its technology platform, Ingenuity, in a blow to founder Matthew Moulding's vision to build a large publicly-listed technology name in the U.
K. THG, which was previously known as The Hut Group, said in an investor update Tuesday that it is "actively undertaking detailed work to review potential structures to facilitate the demerger of THG Ingenuity." "At this stage no certainty can be provided on a demerger timescale whilst we consider the options to achieve this outcome, however, structuring tax clearances have now been approved by HMRC," the U.
K.'s tax collection authority, THG added. Any proposed demerger would require shareholder approval, the firm said, adding that further information on its proposal to spin off the business will be provided to shareholders in due course.
If and when the demerger is approved, THG's group company will consist of only its THG Beauty and THG Nutrition divisions. The company believes this will simplify its structure and help investors understand the business better. Shares of THG were down about 10% during morning trade Tuesday.
THG formed THG Ingenuity in 2021 as a separate venture selling e-commerce solutions for retailers. THG's Moulding has pr.