BUSINESS LIVE: THG boss Moulding gives up special shares; Ford lines up $300m electric car parts investment in UK; Manufacturing bosses criticise Government rhetoric
The Hut Group’s CEO Matthew Moulding will give up his ‘golden share’ in the SoftBank-backed firm, which will now seek a premium listing after it was hit with a dramatic share price decline last week.
THG, which went public in a bumper initial public offering last September, was rocked last week by a 35 per cent collapse in its share price following an investor presentation, forcing it to address corporate governance concerns around the group.
Ford will invest up to £230million to build electric car components at its Halewood factory in northern England, which will produce around 250,000 power units a year from mid-2024.
The Government is contributing to the investment through its Automotive Transformation Fund as brands intensify their electrification plans ahead of combustion engine bans, and countries vie with each other to secure jobs.
Britain’s manufacturing industry has urged ministers to stop blaming business as ‘the enemy within’.
The comments represent a marked change in tone from Make UK, whose members include car, defence and steel manufacturers.
Ford’s £230million investment will protect jobs at the Halewood plant