Apollo drafts in former retail CEOs to help with THG offer
It is unclear if either would have an ongoing role with the business if any offer were to be successful
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Apollo Global Management has reportedly drafted in former Coty and Holland and Barrett CEOs, Camillo Pane and Tony Buffin, to help advise on its offer for THG.
According to Sky News, it is unclear if either would have an ongoing role with the business if any offer were to be successful but it thought to strengthen its position ahead of the initial 15 May deadline for formal offers.
Last month, THG confirmed it was “currently in receipt of a highly preliminary and non-binding indicative proposal” from Apollo to acquire the business.
However, THG said there can be “no certainty that any firm offer will be made”, and that a further announcement will be made “if and when appropriate”.
It comes after THG has seen its operating loss more than double to £495.6m in its most recent preliminary results for FY22. The group attributed its losses to a non-cash impairment of £275.4m, as well as costs relating to a strategic review, incremental international delivery costs, administrative costs and distribution costs for commissioning new fulfilment facilities.
