(Sharecast News) – THG has sold its OnDemand unit, the beauty and e-commerce specialist confirmed on Friday, following a strategic review.
The London-listed firm said it had sold the business – which includes entertainment retailer Zavvi and gifting website I Want One Of Those – to management, with backing from specialist investment firm Gordon Brothers.
OnDemand will continue to be a client of Ingenuity, THG’s logistics arms.
The deal follows the sale of another non-core business, ProBikeKit to Frasers Group, which was confirmed in the second quarter. The combined consideration for both transactions is around £4m, THG noted.
The deals conclude a strategic review of the loss-making categories and territories within the OnDemand group, which THG launched in January.
Matthew Moulding, founder and chief executive, said: “Through the years, our incubator division OnDemand has cultivated our talent, technology and trading strategies.
“We will remain close partners with both the OnDemand management team and Frasers Group through continued Ingenuity services.”