THG: property mogul Nick Candy mulls over takeover bid

Property mogul Nick Candy, who recently tabled a bid to purchase Chelsea FC, has expressed an interest in a takeover bid for ecommerce giant THG.

Candy’s company, Candy Ventures, said it was “in the early stages” of considering a bid however that there was no guarantee that a formal approach would be made.

Candy, who currently owns One Hyde Park in Knightsbridge, released a statement after markets closed saying he is ‘considering a possible offer’ to take THG private.

The property mogul will now have until 5pm on 16 June to make a formal offer or walk away.

Yesterday THG said that it had rejected a “highly preliminary” bid from a private equity consortium made up of Belerion Capital and King Street to acquire the company.

The consortium had offered an initial bid of 170p per share for the online retail group which would have valued the ecommerce firm at £2.07 billion, a valuation which the THG board claimed “significantly undervalued” the company.

THG’s founder and CEO Matt Moulding last month said he had already rejected a number of bids to take his company private.

In order to go through, any bid would need to be backed by Moulding himself, who owns a ‘golden share’ in the company that allows him to veto any offer.

Moulding has previously revealed he regretted the London IPO, saying it “sucked from start to finish”, which fuelled speculation that he could take the business private.

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