One of Britain's richest men, who used to own Sale Sharks and Stockport County, has snapped up a £37m stake in Manchester-headquartered online retail and software giant THG.
Brian Kennedy, who is also known for working with the family of Madeleine McCann following her disappearance in 2007, has bought up almost 3 per cent of the group which includes brands such as Cult Beauty, Lookfantastic and Myprotein.
Mr Kennedy co-financed Tommy Lee Jones film The Homesman in 2014 and made his fortune from a number of companies including the double-glazing firm Everest.
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Mr Kennedy had a fortune of £275m in 2019, according to the Sunday Times Rich List, and now chairs private equity firm Latium Enterprises. The deal means that Mr Kennedy is the sixth largest shareholder in THG behind CEO Matthew Moulding, Sofina SA, Balderton Capital (UK), Qatar Investment Authority and Jupiter Asset Management.
Last week, Mr Moulding described the UK as a "selling club" where founders are "pressured to sell brands as soon as they show promise".
THG is currently a target of a potential takeover bid from Apollo Global Management. THG previously saw off a £1.4bn attempt from property tycoon Nick Candy and a £2bn bid from Belerion Capital and King Street Capital Management last year.
Apollo Global Management has until May 15 to either make a firm offer or walk away. Since the potential takeover offer was revealed, THG's shares have been on the rise and are now higher than they have been since June 2022.
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