The latest results announcement from THG, formerly The Hut Group, rolls out further insights into the strategic thinking of the founder, the Manchester accountant Matthew Moulding. It is now clear that, as hinted before, he wants to turn the business into a sophisticated version of Amazon, with a central hub surrounded by publicly quoted satellites.
The first, THG Beauty, is to be spun off on to a stock market, probably London or New York, next year. Nutrition is set to follow, along with OnDemand, a music, television and film distributor, and the jewel in the collection, Ingenuity, a technology and logistics business. If all those float, THG will be left with luxury goods and prestige country house events, along with the head-office functions. But
