THG boss Matt Moulding gives up ‘golden share’ status

The boss and co-founder of online retail group THG has given up his “golden share” rights which granted him power to veto any takeover of the firm.

The move comes almost two years after he first promised to drop the powers amid efforts by the company to ease investor concerns over corporate governance.

Chief executive officer Matt Moulding will lose the special share as it also looks to secure a premium listing on the London Stock Exchange.

THG, which was previously known as the The Hut Group, confirmed the change ahead of its annual general meeting on Wednesday.

It comes a month after the ecommerce firm held talks over a takeover deal with private equity giant Apollo, but talks collapsed after the investment firm’s approach reflected an “inadequate valuation”.

The company, which owns brands such as MyProtein and Cult Beauty, also confirmed that non-executive director Iain McDonald will step down from its remuneration committee after criticism from shareholder advisers.

On Wednesday, THG also revealed that it expects a rise in profits for the first half of the year due to a stronger performance by its nutrition division.

It told shareholders it is on track for earnings of between £44 million and £47 million for the period, up from £32.3 million over the same period a year ago.

Shares in the business were up 6.3% at 77.5p on Wednesday.