The £250m headquarters of online retail and software giant THG is close to being sold, it has emerged.
The group is headquartered at Icon Business Park which forms part of the property portfolio of founder Matthew Moulding.
The complex off Sunbank Lane close to Manchester Airport extends over one million sq ft and includes five industrial units and an office.
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The site was bought by Moulding Capital in 2019 in a deal estimated to be worth £250m. The business park was completed in 2021.
to Warrington Council’s cabinet, SLBI Propco C Limited has been set up to buy the business park.
The company has been established through ICG Longbow's sale and leaseback fund. ICG Longbow is understood to be close to becoming the new owner of the site.
The council report states that the site is used as a security for a £128m portion of a £202m loan the authority gave to the group of companies controlled by Guernsey-based Moulding Capital in 2020.
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The council is to transfer £128m secured against the site to SLBI Propco C in order for the sale to complete.
In the report, ICG Longbow is described as "one of the leading institutional investors in European real estate with a 35-year track record of investing" with €70bn assets under management.
The potential sale comes after loan worth almost £70m to finance THG's new headquarters was cancelled at the start of this year.
THG first agreed the £67.5m debt facility with Trafford Council in January 2020. The deal was part of a wider £1bn capital fundraising drive.
Work has not started on THG's new headquarters at Manchester Airport which was planned to have 300,000 sq ft of office space and house over 10,000 members of staff.
At the time the debt facility was first announced, the new headquarters was due to be developed by Airport City Manchester.
Last month, shareholders in THG voiced their opposition to the reappointment of a long-standing board member.
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Over 23% voted against the re-election of Iain McDonald to the group's board as a non-executive director at its annual general meeting earlier on June 21.
The AGM came after THG confirmed that Mr Moulding had given up his 'golden share' rights which granted him the power to veto hostile takeover approaches.
It had originally been announced in April that Mr Moulding, who is the company's chief executive, would give up the 'special share' in September. The move is part of THG's plans to join the ranks of the FTSE 250.
THG also confirmed that it has had a strong second quarter, with a "continued successful focus" on profitability and cash generation.
It added that a "significant increase" in half-year profits is expected, with adjusted EBITDA in the range of £44m to £47m, up from £32.3m. THG said that its full-year guidance remains unchanged.