An ingenious plan to revive THG, or too clever by half?

For starters, demerger is surely the wrong word. “It is likely Ingenuity becomes a private company but, as it will be loss-making for the next five years, funding of the business will be required,” thinks Panmure Liberum’s analyst. That sounds more like a disposal, an impression supported by Moulding’s own remarks about THG shareholders merely being given the chance to “partake” in the separated entity.