THG founder Matt Moulding has insisted he was right to buy stricken London business newspaper CityAM.

The outspoken entrepreneur used the first anniversary of the deal to provide an update on the business publication’s fortunes.

The online retailer raised more than a few eyebrows when they bought the loss-making CityAM in a pre-pack deal in 2023.

The Guardian’s Nils Pratley wrote at the time: “The retail billionaire’s newspaper deal looks like an indulgence when his core business needs attention. Moulding should be using his own money, not his shareholders.”

12 months later and Moulding used his regular LinkedIn platform to say the CityAM’s performance has left him feeling vindicated.

“On announcing the deal, the first thing we did was invest,” he said. “Harry Owen was recruited (as chief operating officer) to head up City AM and asked to rapidly build out quality business content at a time when most media outlets were cutting content. 12 new journalists joined and a national news desk launched in Manchester.”

Moulding lifts the lid on CityAM deal

THG Ingenuity replaced all of City AM’s tech and hardware, rebuilding the website, and launching its first ever mobile app.

The quarterly CityAM magazine was relaunched, with high-profile front-page interviews, including Prime Minister Kier Starmer.

Moulding admitted: “It’s been bumpy, these things always are. But the investment is showing signs of paying off. Monthly unique users have grown from 1m at acquisition to 2.5m today, providing broader audiences for THG’s partners, including our own brands such as LOOKFANTASTIC.COM, Cult Beauty and Myprotein.”

CityAM recently announced a deal with British newspaper, magazine and digital publisher Reach plc to supply branded content across it major titles, including the Daily Express, Manchester Evening News and Liverpool Echo.

Moulding claimed CityAM was now ‘Britain’s No 1 business media outlet’ – making THG the UK’s No 1 publisher of business news.

“Well that brings a smile to a few faces,” he concluded.

Matt Moulding: Why there’s life in the old dog yet!