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The cost of THG and Matt Moulding’s cashless property deal

Summary:
In a year of London market blow-ups, it’s hard to know where to rank THG’s capitulation.Following a difficult year for the shares of the Manchester-based-protein-powder-slash-beauty-retailer-slash-wannabe-e-commerce-platform-provider, investors expected clarity from its Capital Markets Day on Tuesday. Clarity over its Softbank-backed Ingenuity platform, clarity over its margins and clarity over its restructuring plans. Instead, they got a jibe at short sellers. THG’s shares swiftly took a 35 per cent haircut. They’re now down some 65 per cent this year.Plenty of questions have been asked of Matt Moulding’s knotty retail empire. But a recurring one concerns a certain property sale and leaseback his own investment vehicle did with THG, just before its September IPO last year.The

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