Sir Terry Leahy loses £30m on Hut Group –

Former Tesco boss Sir Terry Leahy has lost £30m on The Hut Group since its stock market debut as shares fell ­further on Wednesday and analysts slashed their forecasts.

The freefall in THG’s stock price this week alone has left the City grandee nursing a £20.5m paper loss.

Sir Terry, who has been spearheading the private equity takeover of ­Morrisons, was originally one of the major winners of the former market darling’s £5.4bn float last year. He raked in about £17m straight away as he sold 3.4m shares, and held on to another 13.6m worth £68m at the time.

Although he is not close to THG’s top brass, he is understood to be a believer in the stock despite its recent travails.

The shares closed 2.9pc down at 276p yesterday, after plunging 35pc on Tuesday following an investor meeting.

THG’s price targets were lowered at Goldman Sachs, Liberum and Numis amid concerns that major investor ­SoftBank is dragging its feet on a transformative deal.

THG boss Matthew Moulding and his co-founder, John Gallemore, sought to use a capital markets day this week to reassure investors following a recent fall in the shares amid disquiet over complicated plans to split the business.

One top-20 THG investor said on Wednsday that there still wasn’t “enough transparency around the profitability of the business and the contribution of its constituent parts” and “how much was organic and how much was M&A”.

The company said it was in the dark over what triggered the share sell-off. Bosses said they had not revealed any new information that might have caused such a major swing in the embattled company’s share price.

Mr Moulding and Mr Gallemore have blamed hedge funds betting against the company for driving down the value of its stock.

The company unveiled an intricate deal with SoftBank in May. THG is to spin off its beauty sales arm after a string of bolt-on acquisitions, leaving the rest of the company focused on its technology operation, Ingenuity, which serves as a platform for other retailers.

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