Member Info for onsolidground

March 2026 opening.

Nice Spa just opened and in a lovely part of the world, courtesy of the Pical Resort by Valmar Collection. Upwards of 550 such resorts from the Maldives to Singapore to London.

Pureley on a Sum of Parts basis, how much are we ** NOT ** valuing ESPA at? The Spas, The Brand, The Product and their Concessions and Placements, Calenders...

Could imvho be IPO'd in it's own right with an interest retained, but if as we have been told Formal approaches have been made then ESPA could equally be a very good candidate.

https://www.linkedin.com/posts/spa-business-magazine_pical-resort-by-valamar-collection-to-open-activity-7384513444995153921--RA1

Of several items of MyProtein Sports clothing.

Liked the look of some of the items on the Sports Direct website and bought a few items for upcoming birthdays.

Keep expanding it as they have been doing and it could become the next Gymshark.

If you know the difference between what is a liquid and what is a solid / in powder form then it is money in the bank. £45M or £60M.

More interesting though if true is that we seem to have found out yesterday that IG and CMC weren't seemingly allowing short positions due to no stock availability to lend out. That's would be the first in a very long time and making it difficult for any existing short positions should they have to close and meaning they would have to purchase on an open market bereft of real selling volume, and competing with any other buyers.

Their main jeopardy is.

# Partnership news x 2 awaiting. One a global confectioner and the other a leading European chilled and ambient food-to-go leader

# Formal approaches have been made for other parts of the business aftter the Claremont Ingredients sale. Could RNS at any time if suitable to THG

# Confirmation of £45M or upwards received from HMRC

# Not many seem to be Selling or Lending presently.

# Ashley / Frasers Group might look to add, to an already 12.6%

It's a situation that is hardly surprising after the last update imvho.

Just two different opinions sharefall.

Deliver numbers and a visible pathway to further shareholder value and people will hold, buy in, probably buy more, rather than selling.

Delivery of numbers dispels the Fugazi FUD and people start to focus in on true Sum of Parts. Claremont sold for double what was paid at £103M and with THG's interests preserved when many others were questioning it. THG Ingenuity now and eventually landing a whale account in Google, Both Remainco divisions back into growth...

That's what investing is all about. RIght?

Not seeing any volume to show that sharefall. Friday looked like a market maker fall. Same this morning.

Most Retail PI's, traders and the impatient would have sold at a loss but Institutions participating in the placing would have been averaging down from much higher levels and why would they even be tempted to sell now when for the first Quarter in 4 years both THG Beauty and Nutrition are back in growth at the same time, and with the latter (Nutrition) showing significant growth.

James Last provided a very comprehensive list of additonal reasoning yesterday

# 2 Partnerships announcements awaited. One global confectioner. The other a European frozen food Distributor / FMCG

# Formal Interest in other parts of the business, after selling Claremont Ingredients for over £100M.

# + 50 MyProteinKitchens in Everlast Gyms

# Strengthening Relationship with Sports Direct / Frasers and the doors it can open

# Stated aim of bolsetring the offline presence with 40,000 retail doors to expand to 100,000

# VAT refund for £45M and rising. A powder ISN'T a Liquid

# Transforming balance sheet and the Capex sapping THG Ingenuity isn't their as the dead weight anchor that it has been for year.

# Now entering Peak Q4 demand with Black Friday to Cyber Monday and key Festive Trading.

# Swifties tuning in to Christophe Robin @THG Beauty

You might even go as far as to say that despite all the secrecy over strategy over the last 4 years, Investors now can actually piece together and see the emergence of one in their eyes.

You'd be better asking yourself where it will be in January after Q4 and with all the above pending.

Just passing through

James MM was quite clear they have had formal offers and his words, not mine, were that they could release an RNS at any time.

I'm keeping my eye on Bentley Labs in America which is one of THGs purchased assets and which I think would readily appeal to other conglomerates. THG paid £180 Million for it, but have then filtered their own business products through it so they will have enhanced that value.

The Big Draw for any suitors is that it is a Development and Manufacturing asset in the United States and as such would appeal to many as a means of avoiding Donald Trumps Import Tariffs on Imports. If you have a manufacturing base in the US then you are not importing. As an established and working asset it would also save considerable time on Planning and Build time side for anyone wishing to have their US asset.

A sale of it, or indeed someone partnering in could generate far more than the recent Claremont Ingredients sale and make the present market cap look even more ridiculous than it presently is.

Just my thoughts.

Great post James Last

But please please though don't underestimate the Partership with Frasers Group and Sports Direct - the UK's No1 Sports Retailer and Leading Global Sports Retailer. UK, US, Most of Europe, Asia, Australia and New Zealand

+ 50 MyProteinKitchens into their Everlast Gyms at last Trading update. In a flash they have gone from only 1 MPK to 51 of these.Also big on Hyrox.

https://www.facebook.com/EverlastGyms/videos/be-the-first-in/682180181155017/

Massive Expansion in Product through Sports Direct online and also in SPD stores - including some of the the MyProtein Clothing range, and some good deals.

https://www.sportsdirect.com/myprotein

Not forgetting Frasers and Flannels Department stores with their big Beauty Departments are ripe for THG Beauty Concessions in store. Espa? Christophe Robin? Cult? Lookfantastic? Perricone MD? Biossance? ...

Easy, easy, part win in expanding from 40,000 retail doors to 100,000 which is THG's stated aim.

Frasers Group also a large shareholder with 12.61% of THG shares.

You also missed off Formal Approaches for several other parts of the business. Since the sale of Claremont Ingredients they have had formal offers for other parts of the Business, and MM stated that if any deal worked for them and it was for market value then they could sell and an RNS could drop at any time.

1pencil,

That "week or 2 weeks" quote was at the time of the Results webcast on the 11th September. So it has long passed.

Seriously how can you even have the gall to argue that "a Powder" is a "Drink" in the form it is sold and at the point of paying the VAT.

You could bake it into a Cookie or a Pancake !!

Thanks for the exact wording Crafty and it confirms virtually what my scribbles said.

I've actually spent a bit of time looking at this with AI and in simply terms it revolves around the fact that on "Sports drinks" you pay VAT and on Sports Powders (like Protein) you presently don't. HMRC seem to have been trying to argue around the "Sports" marketing of powders over wider health benefit marketing when it all seems much easier to interpret. i.e Whether a "Powder" can be classed as a "Drink".

Now I'm certainly not a scientist, nor a chemist and I don't think you even need an O level in Chemistry to know that a Powder (essentially derived from a solid) is not a Liquid. Therefore I'm not surprised that they were refused the Right of Appeal. So it's a higher courts should they wish to try and challenge the previous ruling. That deadline passed circa the 3rd week in September. Would be nice to know what they have decided.

Personally I don't think they have a hope in ##ll of convincing anyone that "a powder" is "a drink". Better saving further unecessary legal cost and ever increasing interest payments and pay up the £45M and climbing monies owed. Then amend the VAT criteria in the small print of a Budget to also include "Sports Powders". On which THG are still charging and paying the VAT.

Feel free to read up on it yourself.

Mouldings Update at the Half Year Webcast on the 11th September comes after that last HMRC update 1pencil and I'm pretty certain MM's stated that HMRC have lost the case and been refused their Right of Appeal appeal and that they had a week or maybe two weeks (Now long past) to decide if they wished to to try and fight it in the highest courts in the land.

I agreed with you that further clarity would be nice as not only would that now extra £45million be a very nice additional bonus that could be put to very good use further expanding growth or paying down debt, but additionally as we are still defaulting to charge VAT at the moment then we could be reducing prices or it translates into additional profit.

I have absolutely no idea what went on today, but at one point a sudden spurt to this level, and temporarily inflating the daily 2.5% to 5% upward rerate and increased volumes.

No doubt a large trade of some description likely to pop up over the next few days and chances of getting back as market makers rarely give away rising share prices for no reason, The only thing I can think of is that they may have agreed to let a short position close in one go, took it over for closure and then dropped the price back slightly to get what they needed, and of course to profit.

Large uncrossing trade adds to the obfuscation and the two further other trades I think were from earlier in the day.

Best just to sit back and chill and let the bunfight happen and let them compete for the limited stock as not many are selling

Shorts were at 25% of the free float, Spread Betters will have been following, CFD's both ways, FTSE 250 Funds and 70M demand, Wider Funds, Retail PI's.

Will we see a large trade appear. That 52.5p - 54p wasn't an apperition.

Something is definitely going on in the background.

Not surprised given all the news.

Its only the way I see it.

# If 25% of the Free Float was being shorted then many under 0.5% still need to close

# If Circa 70 Million shares needed to be bought by Trackers on surprise reinclusion in the FTSE250 then many of those will still need to buy and be in competition.

# Funds in any case have been buying from the September update. Perhaps additional demand outside FTSE250 trackers - so additional.

# Add in Lots of returning Retail Demand off PI's topping up or many buying back in again

# Not many to be fair seem to be selling in the knowledge of the following:

~ Both THG Nutrition and THG Beauty are back into Growth in the last Quarter. First time that has happened in 4 years

~ Improving Financials. Debt refinanced to 2029. Further debt being paid off after selling Claremont Ingredients for £103M. £45M HMRC rebate?

~ Two pending partnership announcements with high calibre FMCG. One being a Global confectioner (Plenty prominent suggestions from Mars to Mondelez to Nestle etc) and a leading European chilled and ambient food-to-go leader.

~ Open admission that post Claremont Ingredients sale, THG have received other Formal Offers which are being considered and could be sold if the price is right.

~ With that in mind Sum of Parts looks massively undervalued.

~ Seems also to have been some massive recent integration of MyProtein at Frasers Group Sports Direct, the UK's No 1 Sports retailer a shown on the SPD website with Clothing, Powders and Snacks, products instore and also +50 MyProtein Kitchens just launched in Frasers Group Everlast Gyms.

~ Incidentally they are targeting some 100,000 Retail Doors globally. Circa 40,000 presently

~ Taylor Swift's beauty routine trailer looks set to reignite sales in THG's Christophe Robin's products

~ All just in advance of the busiest part of the year with Black Friday to Cyber Monday sales and Festive Trading.

My own feeling that there may be some much bigger gains to come but please dyor.

Just passing through

Well if what you say is correct and it's 3 more announcements to come and 2 are presumably the MyProtein Partnerships with hinted at large FMCG companies, then could the 3rd one be a Sale of a subsidiary?

MM made no secret in disclosing that since the recent agreement to sell Claremont Ingredients then they had received formal approaches for other parts of the business. Crafty I think had the transcript of what was said?

Jpt (again)

Hopefully this Delboy character keeps drinking in the Nags Head for any whispers on the 2 new MyProtein Partnerships which we know are coming, and now THG seem to be in announce mode.

Looks like the THG share price is Rerating and long may it continue.

Jpt

Yes it looks like The Good Lord Allen and Matthew Moulding are now delivering on strategy and their promises and are turning the good ship around right in front of everyones eyes. It's been a long time coming.

Jpt

Yesterday probably told you all you need to know @THG to invest and patiently wait.

98 THG Nutrition products stocked in Sports Direct including MyProtein Clothing, Powders and snacks. That's the UK's No1 Sports Retailer, arguably one of the worlds largest with stores and websites across many geographies worldwide from the US to Europe to Australia

Did you know when they sold Coggles etc to Frasers some 17 or 18 months ago and announced the partnership agreement with them in its infancy plus the first Ashley / Frasers stakebuilding, the THG share price was declining but about mid 60's . Constantly weighted down and chained to the floor with £100's of millions of Ingenuity Capex draining the lifeblood out of THG, large scale debt that needed refinanced etc etc.

Back then I remember, many, vividly expounding how excellent it would be if that partnership blossomed and grew to the full fit of THG Nutrition products into Sports Direct.

Now fast forward 17 months. 98 THG products selling through Sports Direct. Now 50 MyProtein Kitchens additionally canteening Ashley / Murrays Everlast Gyms, Ashleys Frasers Group now also with a 13.6% stake, Ingenuity hived off, debt fully refinanced and being further reduced, a £400M to £600M offer from Selkirk for THG Nutrition rejected, Both Nutrition and Beauty back in growth and a share price at 44p and whilst waiting on 2 large partnership announcements.

Long way to go yet imho but dyor.

https://www.sportsdirect.com/searchresults?descriptionfilter=MyProtein

Just passing through

Except you and several others would be wrong 1pencil.

Start delivering numbers, good news and partnerships that contribute visibly to Revenue and Profitability and Improvement in any Company and share and the shares become investable again, always subject to ongoing review.

Incidentally, How's the VAT refund deramper thread progressing that YOU started last week and kept chiming up on?

Lastly (and 3 posts more than intended), if someone last posts on Friday, posts nothing over the weekend and then posts on the Monday then that might be classed as passing through. No limit though on how many posts anyone can make in any given day and how regularly they wish to post.

I leave you to ponder if the enhanced relationship with Frasers and Sports Direct will be good for THG and feel free to use the Filter button as I do.