THG (The Hut Group)

E-commerce / consumer techUK

New to Unitard

📉 Public < $1B

Peak $7 BillionRecorded estimate

~-89%

from peak

🦄
Became a unicorn
2020
📈
Peak valuation
$7 Billion ’21
💔
Became a Unitard
2022
💸
Last valuation estimate
~$770M

Current status

Public (LSE: THG); demerged units and restructured

The rise & fall

7 moments · 2004–2025

The key moments, with employee sentiment along the way.

2004

Founded in Manchester

Matthew Moulding and John Gallagher start out selling CDs online; Myprotein and Lookfantastic come later.

Wikipedia

Sep 2020

Joins the club at IPO

Lists in London at 500p — around £5.4B — one of the LSE's biggest tech floats in years.

Motley Fool

2021

The peak: 845p$7B

The stock touches its all-time high — a valuation around $7B — on the promise that Ingenuity deserves a tech multiple.

Motley Fool

Oct 2021

A capital-markets day backfires

A presentation meant to defend the Ingenuity story instead craters the stock about 35% in a day; governance worries mount.

Reuters

2022

Slips out of the club

Investors sour on governance and doubt the tech multiple; the shares end up more than 90% below the top.

companiesmarketcap

2022–26

From the inside · Glassdoor reviews, 2022–26

Glassdoor reviews from after the crash described a leaner, higher-churn workplace: repeated redundancy rounds, unfilled roles piling work onto those who stayed, and UK tech jobs re-sourced to a new India office by 2025-26.

2024–25

Ingenuity demerged

THG spins off its technology platform and restructures around beauty and nutrition.

Reuters

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

THG, formerly The Hut Group, is a British e-commerce group spanning beauty (Lookfantastic), nutrition (Myprotein) and a technology platform, Ingenuity, it pitched to justify a tech valuation. Its September 2020 London IPO valued it around £5.4B, but investors soured on governance concerns and doubts that Ingenuity deserved a tech multiple.

The shares crashed more than 90%; THG demerged Ingenuity and restructured, leaving its market value around $0.76B — one of London's most painful recent de-ratings.

Source: Motley Fool / Morningstar / companiesmarketcap (500p IPO Sept 2020 at ~£5.4B, ATH 845p; -90%+; ~$0.76B market cap by 2026; demerged Ingenuity, restructured)

Founder

Matthew Moulding
Founder & CEO
Still there — Founder & CEOLinkedIn ↗

Current roles as self-reported on LinkedIn, retrieved 2026-08-21. See our methodology.

Disclosed investors (12)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard