Investor known in City circles as ‘The Welsh Wizard’ emerges with £30m interest in THG online business
An investor known in City circles as ‘The Welsh Wizard’ has emerged with a £30m interest in the controversial THG online business.
Richard Griffiths’ stance may come to light amid suggestions that private equity firms may be considering offers.
Cash out?: City sources say founder Matt Molding (pictured) would back a £2.50 a share bid for the company, valuing it at around £3billion
Shares of THG, also known as The Hut Group, have been on a rollercoaster ride.
They peaked at over £8 last year after the company went public in September 2020.
But the stock fell below the original £5 offering price and has languished ever since.
THG investors looking for reasons to be joyful may be seduced by interest from Griffiths, totaling 1.6% of the shares. He is considered a city veteran and a savvy investor.
A former sheep farmer and founder of investment bank Evolution, he has been reported to run his business from the back room of a pub he owns in the Welsh hills.
Griffiths invested in TalkTalk before it was acquired by Toscafund and telecommunications company founder and chairman Sir Charles Dunstone in 2020.
Earlier this month, THG said it had rejected an approaching bid of £2bn – or £1.70 per share – from Belerion Capital and King Street Capital. Real estate mogul Nick Candy has also announced that he may bid for the beauty, makeup and tech giant.
City sources say founder Matt Molding would back a £2.50 a share bid for the company, valuing it at around £3billion.