Sep 10, 2021

Moulding’s property play raises uncomfortable questions for THG

City Insider makes no apology for once again venturing into the world of THG. Every look inside Matthew Moulding's £8bn mail-order cosmetics and whey powder empire delivers mystery and surprises to rival the lucky dip subscription boxes it sends out each month. Property ownership has been one of the more contentious aspects of the THG story since its London Stock Exchange float in 2020. Moulding has built up a sizeable real estate portfolio in recent years, part of which is rented back to the ecommerce group at an annual yield of about £19m. His estate is divided between a variety of UK "Propco" entities, some of which sit under a Guernsey-registered holding company, Moulding Capital. Accounts for Moulding's onshore propcos - approved by THG's financial officer John Gallemore and legal officer James Pochin - say that financial statements for Moulding Capital are available from THG's Manchester headquarters. So might someone stop by THG's Voyager House HQ to take a look Absolutely not, the company told the Financial Times: its advisers said that Moulding Capital's accounts are "Not publicly available".

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