RE: Huel x14 Multiple of Revenue IPO Valuation31 Jan 2024 17:36
Being locked into ingenuity is one thing, it makes no difference that MM owns the buildings. If it wasn't MM, then some other landlord would own these buildings and they will have been let on commercial / arms length terms.
In terms of value, if MM didn't do the initial deal and kept the ownership of the properties within the company, then THG's balance sheet would be a lot healthier. But that's a different argument.