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30-06-22 2 Látták

The chairman of The Hut Group has snapped up almost £1million of shares three months after joining the embattled firm.In a vote of confidence in the online retail group, Lapak Satria former ITV boss Charles Allen bought 1.15m shares in THG for 86p each.The City heavyweight, 65, joined THG in March as founder Matt Moulding looked to beef up the board and win back the trust of the stock market. Vote of confidence: City heavyweight Charles Allen (pictured) joined THG in March as founder Matt Moulding looked to beef up the board and win back the trust of the stock marketAnd he will be hoping the purchase of the shares will prove to be a canny move given the collapse in value.THG listed at 500p a share in late 2020.

The stock soon peaked at 800p but has been in freefall ever since.However, in a sign that some observers still believe they could be worth more than they are currently valued at, THG has attracted takeover interest in recent weeks. The firm last month rejected a 170p a share offer that valued it at £2billion from Belerion Capital and King Street Capital, saying the price tag ‘significantly undervalued the company and its future prospects'.Property mogul Nick Candy was also rumoured to be interested in snapping up the company behind brands such as Lookfantastic and Myprotein. Any future takeover could leave Allen sitting on a healthy profit. RELATED ARTICLES Share this article Share HOW THIS IS MONEY CAN HELP But the purchase did little to help THG shares in the short-term, and they were down 4.6 per cent, or 3.9p, at 81.32p towards the end of trading.In the third-straight day of gains, the FTSE 100 rose 0.9 per cent, or 65.09 points, to 7323.41 and the FTSE 250 edged up 0.17 per cent, or 32.32 points, to 19,351.27. 

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