THG offloads OnDemand division
The news follows the sale of specialist provider of cycling equipment ProBikeKit which was sold to Frasers Group PLC in Q2 2023
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THG has recently sold its OnDemand division to a Newco led by the existing OnDemand management team and funded by Gordon Brothers, the advisory and investment firm.
The Newco will continue to be a client of Ingenuity, with the provision of technology, operational and digital services.
The news follows the sale of specialist provider of cycling equipment ProBikeKit which was sold to Frasers Group PLC in Q2 2023. The combined consideration payable through both transactions is £4m.
The FY 2023 financial impact is incorporated into existing market guidance, with discontinued revenues non-recurring after Q3 2023. Discontinued categories collectively contributed to an EBITDA loss of £14.6m in FY 2022 for the group.
Matthew Moulding, CEO, said: “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.
“We will remain close partners with both the OnDemand management team and Frasers Group through continued Ingenuity services.”
