Ian mc on LinkedIn15 May 2023 08:14
Just posted this on LinkedIn
The screenshot attached is from The Times 13/05/2023. The analyst’s name is hidden to make this less personal, but I couldn’t let is pass without commenting. Let’s deconstruct a few of the analyst’s quotes. I’m a NED and shareholder of THG btw.
They were “amazed Apollo were even interested in THG”. Well, they were, and they did hours of research, resulting in them wanting to make a good offer. Just not an offer the board wanted to accept because we firmly believe this business is worth billions. As far as I’m aware, this analyst doesn’t even formally cover THG.
“All the stuff about Ingenuity was ramped up hyperbolic rhetoric… it was nonsense and ended in tears”. This analyst has never visited Ingenuity’s operations. I did offer to set this up some time ago, but they were too busy. For the record, Ingenuity is good enough to have (big) contracts with multi-nationals/massive enterprises such as Allbeauty, Matalan, Homebase etc. but, it’s “hyperbolic rhetoric”? It’s got a pipeline to die for and already transacts billions of GMV profitably. We look forward to demonstrating that this hasn’t “ended” and certainly not “in tears”. Apollo’s offer had it valued at hundreds of millions. But what do they know, they’re just one of the most successful PE houses on the planet.
It would “put everyone out of their misery if Moulding took the business off the market”. Matt’s a good man so it’s hard to read personal attacks on him, especially from people who have never met him. Perish the thought someone should point out that he’s built a business from nothing, employing thousands of people in highly skilled roles across the Northwest. He takes no salary or bonus, gives it ALL to charity, and has donated £102m of his personal money to set up The Moulding Foundation.
I could carry on. The man is a force of nature, an inspiration to me and those who work with him. A great family man with kids who read this stuff. Whilst the author is a “big fan of entrepreneurship” and no doubt The Times is too, snarky comments like this won’t encourage it and business to list in the UK.
Businesses don’t grow in a straight line, it’s a battle that people who simply draw a salary from a newspaper or investment bank could never understand. Imagine the pressure of 7,000+ people depending on you for their livelihood, shareholders, sleepless nights, and people with no track record of entrepreneurship commenting on your entrepreneurial ability.
Matt’s got thick skin, but all I ask is to be fair, balanced, and genuinely encourage entrepreneurship, not character assassinate people you’ve never met. Do some proper, in-depth research on the businesses you decry. Or, just say nothing.
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