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THG shares plunge to record low as BlackRock halves stake
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Shares in the Hut Group hit an all-time low on Tuesday after it emerged that BlackRock is halving its stake in the online retailer after a rocky month for the company.
BlackRock, its largest institutional shareholder, is selling 58m shares priced at 195p each, or a 10.3% discount to the stock’s Monday close. The deal is valued at £113.1m. The world’s biggest fund manager had a 10.1% stake, or nearly 124m shares, in mid-October according to Refinitiv data.
Shares in the Manchester-based THG, which runs websites including Lookfantastic and Cult Beauty, fell to a record low of 198p in early trading, and were later down 6% at 204p.
THG shares have slumped in recent days because of concerns about the firm’s governance and the future of the
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