THG reports rise in losses to £550m amid takeover approach

Shares in online retail tech company slide after rise on Monday as private equity group circled

The online retail tech company THG said its annual losses widened last year to 550m amid higher costs and as home shopping waned with the end of pandemic lockdowns.

Shares in the troubled group dived 17% on Tuesday as it revealed that pretax losses had almost tripled in the year to 31 March while sales had risen just 2.7% to 2.2bn.