THE GOVERNANCE at embattled retailer THG is to come under even more scrutiny, it appears, after the arrival of a second activist on its shareholder register.

Sparta Capital has joined Kelso as THG shareholders, according to a report in The Sunday Times.

The owner of My Protein and a host of other online retailers, founded by Matt Moulding, has lost around 93 per cent of its value since floating in 2020, with Moulding promising to reform governance at the firm in an effort to win investors round - including the appointment of Charles Allen as chair.

However some eighteen months after promising to give up his 'golden share' in the business, he is yet to do so, preventing THG from listing on the premium market.

Moulding told GQ magazine in 2021 that the process of going public "has just sucked from start to finish" and said he would not have listed in London had he known then what he knows now.

Shares have rebounded a little this year after record sales in the 2022 financial year.

(c) 2023 City A.M., source Newspaper