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SoftBank Sells THG Stake to Online Retailer’s Founder, Qatar After Share Drop

  • Stake was worth about £500 million after initial investment
  • THG issued another profit warning last month as demand flagged
THG Plc's The Hut logo.

THG Plc's The Hut logo.

Photographer: Hollie Adams/Bloomberg
Updated on

THG Plc’s stock rose after key shareholder Softbank Group Corp. offloaded its stake in the struggling British online shopping firm to co-founder Matthew Moulding and Qatar Investment Authority.

In a move that further cements Moulding’s control of THG, the Japanese group finally ended speculation about its disastrous investment, writing off as much as as £450 million ($511 million) of a stake that was once valued at about £500 million. THG stock rose 10% in early trading Tuesday before paring back slightly.