The boss of The Hut Group has lambasted his critics in the City just days before he takes his technology platform private again.
Shareholders in THG last week voted to spin off its Ingenuity arm at a valuation of £90million to shore up its finances.
This followed a miserable time on London’s stock market, which has seen more than £4.7billion wiped off THG since it listed in 2020. Shares fell 1.3 per cent, or 0.6p, to 44.3p yesterday, making it worth £673million.
The fall in share price came amid questions at the value of loss-making Ingenuity, which offers logistics services to other firms.
Matt Moulding, who will be the majority shareholder in Ingenuity when it returns to being a private company, hit out.
He said that although the division has been called ‘worthless – or worse – a huge liability’, the ‘reality’ of a tech business was that it takes time for investment to pay off.
He blamed high interest rates, Brexit and ‘the dwindling capital pool’ of the London bourse.
Shares down: Hut Group boss Matt Moulding (pictured) blamed high interest rates, Brexit and ‘the dwindling capital pool’ of the London bourse for the company’s struggles
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