Matthew Moulding’s beauty business has offloaded two struggling divisions to stem losses of about £15 million.
THG has sold its OnDemand division to a new entity backed by its management team and Gordon Brothers, the investment firm, and has agreed a sale of its cycling equipment business ProBikeKit to Frasers Group.
The two units made a combined loss of £14.6 million last year and THG proceeds of £4 million from the divestments.
The announcement sent shares of THG, formerly known as The Hut Group, down by 10p, or 9.3 per cent, to 97p last night.
The company said the OnDemand business would remain a customer of its Ingenuity platform, which allows third parties to sell products directly to consumers.