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Add to the below;

That would also align with the net debt/cash maths too... 3 years and THG are there if they continue trading without any disposals.

We know they'll need to invest to grow so there goes at least £10-30M a year on investments minimum and given THG's horrid history with a bloated out workforce you would hope they've learned their lesson.

My point is. THG is still a massive investment risk purely down to management. Lacking integrity.

MM will come good.... It's just when?

The price is the price.

I believe in my maths if I'm wrong then I'm wrong and lose a great deal of money. But with an avg just below 30 now (Through aggressive trading - averaging down when we dip hard supported by CFD's on lows)

MM will come good... If I say it enough maybe it will come true but the reality of it is THG is sorted to 2029 with their debt MM could let this sit another 3 years at this level. What does he need the uplift in SP for? THG doesn't need to borrow anymore.

He has the support or he would of been challenged (I personally think he was challenged resulting in him putting £60M in - that's it) of which was free and paid for via the properties. Smart trading. Very smart.

This could be a 10 + year trade for myself. It's in my SIPP for a reason.

You are infact incorrect. MM took everything but this.

MR01 filled says otherwise.

https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/0XBLiYqFPop5insBmeSc-DbvgUyeIbUNKEuba1CNmFE/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=ASIAWRGBDBV3OZMU6GUS%2F20250908%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20250908T101843Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEE0aCWV1LXdlc3QtMiJGMEQCIF8uX%2BS40b0YeRBwShBkmzYXu7Y2tYwxBgB3EGgmt6ycAiAVeyeH5rxtmPWcSozChI%2FrXgZ2aevdL5tmZNm473Ty%2FyrDBQi2%2F%2F%2F%2F%2F%2F%2F%2F%2F%2F8BEAUaDDQ0OTIyOTAzMjgyMiIMOz%2BjXObtiwzpxdYpKpcFp4rSD8okV%2B%2BsEr0UpH2eSCvpMg%2BncVRqrDstUHV5n8Ni4SPylK7zBFKFvj6JYq9K27ffwno%2F2USxyb0s23YlWOxX%2F2QTTfPYZ%2Bc8bIZGYi%2FKwuJ5BISRbd%2BxRUTF9AHBufeOfM1AH0exBWtsJ2N1yHEbVYMVsWXa2UkHzep9T%2FIGtRQwPm%2FAIu4GjS4ObBVNKDWUDd3FR8VobdYeQQOmQM6Cy7CDy4AdRIPpuI45uNRE5j2nc6Jj4vwojRncbkc5uqhCTyQPkGAN2%2Fe5F2A2fCMozkNN9%2Btp5qniUTAxK6jdFLIpxb7S6Hzrqh%2BxcSw%2BloqlRGYHcvtm4ksd7kCxFux1pgp8gx04t4S4kETrHWkdqK8r7fpUlTWbaQzbsKoP%2FmHF8NwCILrwQMCRBwfjtAjdtoo8Yh5YJAPRqs2n7x3yJ9NLiUeBJD9XMc17r9A4UZ4OiBJluRhS3x5SLsMSMSkOXoz8QCMc6lnh%2BdHZG0%2FbEx63KKtVWk5GjWqI09kmvuoGZZWi4llxvqNLn0GOluQdxrUG59HzKFSAyKnFrWEYdgu1x6LIcbSYArjsJv3jtqgRD8MTUji43ixjgpZMhhsnxQ6M0BKTfnq4bjp3QqbEFnxORZv3bChxDv2AA0xzD4jrRajD5Qk2cw2dpmBkJ0CKPlR8S4aAbbIp5graEX9a47IAjFqBiE7oAyo0P1cNHaaHi3sbeCKEcXfhH6r5q81HHwcIBB%2FUHMpMWaA6fcO4QTLa8k50ArEZHZbM4WThraKDKcAN%2Fg5ljsg8aqRRuPflMkfezJeDY%2Fw%2BD3KVQS6j%2FugxADvkhjeBlKX3bsvpGAJ0lvXAYfLmhJDpkm%2FB3IMUribnaHrnau4jvdsZds79yYDsz1r8MKfF%2BcUGOrIBQPMGaScndpnhiaHnAl5Pk%2BtxLbvWxGmXagXQofq8a8id6DB2WZmp7S60yYM2BBi4jcgLJ5fO%2FOouD8uTnCCLCior%2Fzr2UvB7gX0X4%2BxA%2BnQAgJlRkB1yz3RzrafYfZTppz2ntR2YHiQk5OabJBjLbFVEyFipUMXpccZd2B%2Fittie2BArwUz8%2FQobpOjw4F3WmqU5BzcrNE6pqd6YVTDgYKy%2BqyPfQ35StP2eFkTy%2FyVCoA%3D%3D&X-Amz-SignedHeaders=host&response-content-disposition=inline%3Bfilename%3D%2207973960_mr01_2025-07-01.pdf%22&X-Amz-Signature=2f9aa80ac66593bb37ad76be7f924355720e8ce120cc66b341bfbfc9ba354dad

Http s://www. greatjohnstreethotel .co.uk/

Beauty they have already left the low margin businesses so we should see 1-2% raise on beauty margin.

ESPA looks high margin, Perricone MD looks high margin (But it is THG after all so F knows what costs they've been strapped with)

Applied nutrition sells for around the same price as MyProtein on their protein - So where is the profit? THG is BLEEDING money somewhere but it's being hidden in the P&L

Bloated workforce, overpriced Ingenuity contract, ridiculous ROAS on spend. Mickey mouse and the club house.

If MM jumps on stage and yet again complains about Yen or Whey I'll lose my head. Protect your bottom line! DO YOUR JOB!

Anyway, I think it's the hotel that'll go for say £40-70M perfect timing given he raided THG for the hotels. Sell this last one and be done with your vanity project. Still not enough to be net debt/cash but 1 step closer and reduces the timeline by what 8-12 months AT BEST!

Drive volume to the US processing plant - Sign ridiculously long term manufacturing agreements for companies outside of the US market and rinse everyone else, if you want into the US do it through us! That's when your lovely IR team comes in and pushes an RNS telling the market THG have signed deals well over £100M pushing the US market up by x - delivering an improved margin of x

Mickey mouse and the clubhouse gang.

"having subsequently developed a non-executive portfolio, sue currently serves as senior independent director of helical plc and as a non-executive director of ebiquity plc (chairing the remuneration committees of both companies and serving as a member of their audit and risk and nomination committees). sue was previously senior independent director of british american tobacco p.l.c. and a non-executive director of accsys technologies plc, dairy crest plc, lookers plc, millennium & copthorne hotels plc and new look and is also a former trustee of the historic royal palaces and former chair of both the marketing society and the marketing group of great britain."

sur farr is here to resolve corp governance issues along with mm & lord useless (labour will have the police at my door now)

she is merely a puppet being used to help vistry given their recent challenges shall we say...

like i've said plenty of times - boards are ******* contests and you take the role after you've had a successful career and now you're essentially 'renting' their name as some security.

bod are useless as ours have demonstrated.

forget sue, forget vistry.

It's not a loss until you sell ;)

MM is going no where short term.

Would you rather MM fixing this or Lucy? She has been marked as successor (Doesn't fill me with confidence seeing how lost she was on the call)

We have MM or Lucy. Crazy.

She could be an absolute magician but seems moreso a puppet to MM as how can both division be utter chite at producing MARGIN!

In MM we trust... (No other choice)

Hopefully looking at how we can deliver profit on £1B + of beauty sales. Don't get me started on the margin %

I'd love to look at THG's true P&L and get into the details. LOVE to! I seriously can't understand how a company lead by accountants has performed so poorly on margin.

We're powerless, Kelso are powerless. Everyone is - All aboard MM's gravy train.

OSG is correct. Pretty much with everything listed.

They may be sour but they're 100% correct - What has THG actually given to investors? The ONLY person to benefit so far from THG are the BOD & SLT (Free shares & salary) and those shorting.

Every single other person has lost on THG.

Something has to go by EOY.... Something worth AT LEAST £200M

It's just what. Do you float ESPA? I don't see how it comes from nutrition.

Selling the US Beauty sector would free up upwards of £300-400M

Perricone MD + Bentley go as a pair or we do the exact same thing we done with Nut (Which is the more likely IMO)

Get rid of Bentley - Keep Perrione MD (Unsure on Rev/EBITDA) and have a long 5-10 year agreement.

THG should be dominating Nutrition by then particularly in the Asian markets.

Something HAS to go - THG does not produce the profit required to be net debt/cash within the next 2 years as we know they LOVE ' One-Off's ' of which we're going to see this year due to redundancies and more stupid decisions from high level employees making ridiculous calls.

I don't believe it's that.... as he often praises PI's when it comes time to raise money ;)

I just believe he is extremely arrogant/stubborn but he felt personally attacked. Should he be in charge and making his feelings so public? No. Should he of shut up, stripped THG improving margin to deliver bottom line growth? Yes.

What did he do? He sold a business for £103M then went on a rant about how great he and his team are.....

I get it, I do. But ultimately THG was always heading south from IPO - He had very little time to milk the market for everything he could before the cards come crashing down on that ridiculous IPO price > Pushed growth to hit his big bonus (Growth through overpriced M&A as he was on borrowed time)

THG is worth around £2 - 2.5B. It's worth £800M - £1B tomorrow on 1 resignation alone... THG will bag on 1 resignation.

He'll come good eventually - I see how it's playing out in my head.

Sell bentley labs - Highest price right now based on the uncertainty of US trade wars.

£240M (Healthy premium given the market)

30 % cash retention

50% debt reduction

10% share buyback

10% growth - Reinvest into beauty and push stores to every UK city.

Giving up the US market for beauty and focus on the UK market - Improve margins within beauty then try the US once beauty UK has regained margin %

We'll see I guess.....

My post was removed...

LSE forum is now for sale it seems - this thread will be deleted.

Again I'll point it out. I am financially balls deep in THG which a slice of Ingenuity on the side to see threads actively getting deleted DOES NOT fill me with confidence at all.

You fight the SP decline by RESULTS! Not paying LSE to remove threads - I hope LSE are adhering to strict GDPR laws.... SAR will soon be sent through

DCA purchase went through this morning

I still believe in the turn around - at these prices in my head it's almost mathematically impossible to lose.... I say....

Bought more throughout this morning - F knows why (NAV) actual true NAV of sums of the individual businesses.

GLA

JPMorgan cuts THG price target to 24 (28) pence - 'underweight'

THG is worth £2B+

Thank you, have a good day.

The same hotels THG were stuck with the debt for but then got transferred to Ingenuity?

I'd actually consider selling ESPA

Pay down debt - Cash neutral.

Commit £15-20M to share buy-backs over the next 12 months.

Dead.

2pm will let us know

Good business.

Exactly what THG needs.

Continue EXACTLY like this MM and THG will re-rate beautifully.

If THG finishes today and we aren’t in the 40’s I’ll be surprised. Auction on open? MM is slowly and a BIG emphasis on SLOWLY been winning my support with a few key decisions.

THG is now making decisions for its shareholders and not just MM anymore. Beautifully executed - well done MM