What next for THG’s Ingenuity?
This week on our Rainmakers platform we look closer at the plans of THG to demerge its ecommerce engine Ingenuity, supposedly the heart of the business, so it can concentrate on the cash generative Beauty and Nutrition divisions.
Who knows what goes on in the hive mind of founder Matthew Moulding? Or even what gets talked about at strategy days and board meetings, but this is one that has definitely set the hares running in the City, and also amongst would be purchasers.
Is it our attempt to second guess a misunderstood genius at work? Or just the latest blunder in the short history of the North’s most fascinating business soap opera? Or something else entirely?
But on a break up, let’s be honest, no-one actually saw the Ingenuity demerger plans coming. As broker Peel Hunt’s note on Tuesday said: “We had been expecting a spin-out of one of the consumer divisions, most likely Nutrition, although we believe the demerger of Ingenuity has the potential to have the biggest impact on valuation.”
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