THG chair Charles Allen buys almost £1m of shares

Charles Allen

THG plc, the Manchester e-commerce, beauty and nutrition giant, announced that its chair Charles Allen bought 1.15 million ordinary shares in the firm at a price of 86.2731 pence.

“The company has received notification that Charles Allen, Lord Allen of Kensington CBE, a non-executive director of the company, has purchased 1,150,000 ordinary shares of £0.005 each in the capital of the company at a price of 86.2731 pence per ordinary share,” said THG.

THG went public at £5 a share in September 2020 and the stock rose to around £8.

However, THG shares have since fallen to around 85p  — giving the firm a stock market value of just over £1 billion — following a disastrous presentation to investors last October and concerns over the company’s structure, transparency and governance.

On March 22, 2022, THG announced that Allen, a corporate board veteran, was joining THG as independent non-executive chair with immediate effect and would have a “clear mandate to refresh THG’s board and further strengthen governance and diversity.”