THG appoints Senior Independent Director as it explores Apollo bid

THG, the owner of Lookfantastic and Cult Beauty, has appointed Sue Farr as Senior Independent Director.

Following a career in media, advertising and marketing, Farr has spent 16 years in various Non-Executive Director roles.

She currently serves as Senior Independent Director at British American Tobacco, Interim Senior Independent Director and Chair of the Remuneration Committee at Lookers, Non-Executive and Chair of the Remuneration Committee at Helical, and Non-Exec at Accsys Technologies.

During the past five years, Farr has also held non-executive directorships at Dairy Crest and Millennium & Copthorne Hotels.

THG said the appointment of Farr as Senior Independent Director is consistent with the group's plans to "improve corporate governance and enhance its composition by improving independence and diversity".

Charles Allen, Independent Chair at THG, said: "I am delighted that we have been able to attract someone of the calibre of Sue Farr, who has had an impressive executive career across a number of consumer, media and marketing businesses, and has since gone on to demonstrate her skills as an experienced Senior Independent Director and committee Chair."

The appointment follows THG's initial takeover proposal from Apollo Global Management. The group said it had received a “highly preliminary and non-binding indicative proposal” to acquire the whole business. However, it did not disclose the terms or valuation of the proposal.

“There can be no certainty that any firm offer will be made,” the group added. Apollo must announce whether it plans to make a firm offer or walk away by a deadline of 15 May, in line with takeover regulations.

Last week, THG also reported an operating loss of £495.6 million for the year ending 31 December 2022. Total revenues increased 2.7% to £2.2 billion, with the group's beauty sales up 4.5%.