A double glazing tycoon who is one of Britain’s richest men has snapped up a £37million stake in beleaguered online retailer THG.
Brian Kennedy, a former owner of the rugby union team Sale Sharks, has bought almost 3 per cent of shares in Matthew Moulding’s beauty business, whose brands include Cult Beauty, Lookfantastic and Myprotein.
The investment makes him the sixth-largest shareholder in THG, which was formerly known as The Hut Group.
Buyout target: The Hut Group founder Matthew Moulding with his wife Jodie
THG was the target of a buyout approach from private equity group Apollo some weeks ago.
Kennedy, 63, the son of a window cleaner, made his fortune from a number of businesses, including the double-glazing firm Everest.
He has previously invested in British companies alongside Sir Terry Leahy, the former Tesco chief executive, who holds a £16 million stake in THG.
Kennedy, who lives in Cheshire near THG’s nerve centre, had a reported fortune of £275 million, according to the Sunday Times Rich List in 2019.
His investment comes at a tricky time for THG, which has seen its share price plummet by almost 90 per cent since its £5.4 billion flotation in 2020.
Its struggles – including recently reported annual losses of £550 million – have led to speculation that entrepreneur Moulding, 51, could take the company private.
The Burnley-born online shopping tycoon has made no secret of his disillusion with the London stock market and has complained about the way investors have treated his firm.
THG was contacted for comment.
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