City AM bought by Matthew Moulding’s online beauty retailer THG

London-based free newspaper saved from administration by multimillionaire businessman

• Nils Pratley: Moulding has the right to buy City AM - but he shouldn't use THG's cash

City AM, the free London-based business newspaper, has been sold to THG, the online health and beauty retail platform run by the multimillionaire businessman Matthew Moulding.

The 18-year-old freesheet, which had been on the brink of collapsing into administration, announced on Wednesday that it had been bought by THG for an undisclosed sum.