Nick Candy buys £1.4m stake as he considers bid for The Hut Group
Property tycoon Nick Candy buys a £1.4m stake in Hut Group as he weighs a bid for the struggling online retailer
Billionaire property mogul Nick Candy has taken a £1.4m stake in The Hut Group as he contemplates taking over the embattled online retailer.
The businessman behind London’s One Hyde Park bought his 1 million-share stake in the business on Friday, the morning after announcing he was planning a bid.
He is planning a takeover through his Candy Ventures investment vehicle, and sources close to him say he is “very serious” about making a deal.
Hut stake: Real estate mogul Candy (pictured with wife Holly Valance) bought 1 million shares in THG on Friday, the morning after announcing he was planning a bid
Their interest was revealed alongside a 170p per share joint offer for THG from Belerion Capital Group and King Street Capital, which would value the business at around £2.1bn.
THG rejected the approach as “significantly undervalued the company and its future prospects”.
share yesterday fell 4.1 percent, or 5.95 pence, to 139.05 pence, well below Belerion’s offer.
THG founder and CEO Matt Molding has a ‘golden share’, giving him an effective veto over any transaction.
But The Mail on Sunday revealed over the weekend that he is likely to back a £3bn bid for the business.