This morning THG (LON:THG) has announced that in its efforts to simplify and streamline its operations, together with reviewing its loss-making categories and territories, it has sold off its THG OnDemand subsidiary to its existing management team.
It has also sold its specialist cycling equipment provider ‘ProBikeKit’ to the Frasers Group.
The disposals raised a total of some £4m.
The group has stated that in 2022 the discontinued categories contributed to EBITDA losses of £14.6m.
CEO Matt Moulding stated that:
"Through the years, our incubator division OnDemand has cultivated our talent, technology and trading strategies. I am delighted to see management and Gordon Brothers continuing the fantastic work of the OnDemand team, and I have no doubt the ProBikeKit business will continue to thrive under Frasers Group.”
The group’s shares have been a firmer counter in the last week, touching 108.11p on Thursday.
This morning they hit 110.23p before easing back to 104.30p.