Hut Group’s chairman Charles Allen dismisses recent criticism of company as ‘flim-flam’
The Hut Group’s chairman has dismissed recent criticism of the company as ‘flim-flam’.
Speaking at the online retail group’s annual general meeting in Manchester, Charles Allen sought to reassure investors who have seen the share price tank following the stock market debut in September 2020.
Under pressure: THG boss Matthew Moulding
Insisting the board was ‘focused on delivering the strategy’ set out at the time of the float, Allen said: ‘I would suggest shareholders not be concerned by flim-flam that is discussed elsewhere.’
Former ITV boss Allen joined THG in March. The shares listed at 500p and peaked close to 800p in early 2021 but closed at 124p last night.
The AGM came amid a raft of speculation about the future of THG – founded by Matthew Moulding – after it revealed last month it had rejected a takeover bid from a consortium that included a firm linked to non-executive director Iain McDonald.
Despite opposition to McDonald remaining on the board from shareholder advisory group ISS, only 9 per cent of investors opposed his re-election.