THG Group PLC, the online retailer behind brands such as Lookfantastic, Mankind and Cult Beauty, has drafted in a new director amid takeover talks with private equity.
As the company’s new senior independent director, former ad executive Sue Farr will likely take a key role in negotiations with putative buyer Apollo Global.
A portfolio director, her key role currently is as chair of British American Tobacco, although she also holds non-executive roles at Lookers, the car dealership chain, and property group Helical (LSE:HLCL) Bar.
Reports in certain quarters suggest Farr is another move by chairman and former ITV boss, Lord Allen, to reshape the THG board.
His quote appears to back this point up. "Building on the progress made over the last 12 months, this appointment is consistent with the board's stated intention to continue to improve corporate governance and enhance its composition by improving independence and diversity,” investors were told.
Weekend reports suggest the Apollo bid to take THG private had moved into a "detailed" phase of negotiation.
Should it exit the market, it would bring down the curtain on a tumultuous two-and-a-half years as a listed company – one which has seen the share price slump from 500p to a low of just under 36p.
In early trade, the stock was up 6.6% at 95.06p.