Public (LSE: THG); demerged units and restructured
The rise & fall
7 moments · 2004–2025
The key moments, with employee sentiment along the way.
2004
🌱
2004
Founded in Manchester
Matthew Moulding and John Gallagher start out selling CDs online; Myprotein and Lookfantastic come later.
Wikipedia
Sep 2020
🦄
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
📈
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
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
💔
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
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)
