The online protein shakes and cosmetics tycoon Matthew Moulding is plotting his latest surprising transformation with the takeover of the troubled London newspaper City AM.
Despite his LinkedIn tirades against the stock market and the media, THG, Mr Moulding’s retail empire, is closing in on a rescue of the freesheet.
THG, which owns brands including Lookfantastic and Myprotein, is in talks with administrators at BDO to pay a small seven-figure sum for City AM’s website and brand, with the pre-pack deal expected to close as soon as early Wednesday.
The swoop is likely to raise questions about its editorial stance. City AM has championed the London market for nearly two decades but Mr Moulding has taken a more critical view.
This week he claimed that City hostility to mixed business models means US tech giants could not succeed in London.
Mr Moulding said: “Imagine the multi-faceted models of the big US tech firms like Amazon or Meta operating from the LSE. It just couldn’t happen.”
Earlier this year, the 51-year-old entrepreneur took to LinkedIn to attack investors, analysts and the media, accusing them of deliberately building up negative coverage of THG to depress its share price. Manchester-based Mr Moulding used the hashtag “#londonmafia”.
Journalists at City AM were concerned on Wednesday that the newspaper could be used to pursue a vendetta.
However, one deal insider claimed the title provided a commercial opportunity for the online retailer and its brand thanks to its affluent readership.
The source insisted that City AM will remain editorially independent under THG’s ownership, adding that it will maintain a pro-business, libertarian stance.
THG already publishes its own digital magazine titles, including The Supplement and The Highlight. It believes its technological prowess can scale up the newspaper’s digital operations, including through the creation of a mobile app.
Mr Moulding has been lashing out after THG’s stock market value has plunged from around £6.5bn in September 2020 to £1.3bn currently. He has branded his decision to list in London a “mistake” that “just sucked from start to finish”.