THG founder reportedly mulling sale of Manchester HQ

The founder of Online retail and software group THG is believed to be close to selling the company's one million square foot Manchester headquarters.

The complex, which is currently owned by Matt Moulding, is located at Icon Business Park and includes five industrial units and an office.

The site was bought by Moulding Capital in 2019, in a deal that was estimated to be worth 250 million pounds. THG is leasing the HQ.

According to a report to Warrington Council’s cabinet, initially documented by Business Live, SLBI Propco C Limited is preparing to purchase the business park.

The company has been established through ICG Longbow’s sale and leaseback fund, which is understood to be close to snapping up the site.

The council’s report stated that the business park is being used as a security for a 128 million pound portion of a 202 million pound loan the authority gave to the group of companies controlled by Moulding Capital in 2020, according to the news outlet.

The council is then to transfer 128 million pounds secured against the site to SLBI Propco C in order to complete the sale.

The revelation comes after a 70 million pound loan to finance THG’s headquarters was cancelled at the beginning of the year.