THG sells OnDemand division to management
THG has announced that it is to sell its OnDemand division to its management team and the Gordon Brothers advisory and investment firm.
The unit includes entertainment retailer Zavvi and gifting website I Want One Of Those.
The news follows an announcement by THG in January when the group confirmed its intention to simplify and streamline its operations. THG also said that it would be undertaking a strategic review of loss-making categories and territories within the THG OnDemand division.
The unit will continue to be a client of THG’s Ingenuity business which will provide technology, operational and digital services.
THG also sold specialist cycling equipment retailer ProBikeKit to Frasers Group earlier this year.
Matthew Moulding, THG chief executive, said: “Through the years, our incubator division OnDemand has cultivated our talent, technology and trading strategies. I am delighted to see management and Gordon Brothers continuing the fantastic work of the OnDemand team, and I have no doubt the ProBikeKit business will continue to thrive under Frasers Group. We will remain close partners with both the OnDemand management team and Frasers Group through continued Ingenuity services.”
