Founder and CEO of the group behind Myprotein, Matthew Moulding, says the firm has saved over £200 million through job cuts in the last three years.
THG’s workforce shrank from around 10,200 employees to 6,300 by the end of 2024 — the result of a brick-and-mortar rebuild as the business responded to a series of economic shocks in the wake of Covid.
Moulding admitted that describing 2024 as a year of change for THG would be a “hideous understatement.”
“This process has seen us exit various businesses and markets, from entertainment to luxury apparel, and even some smaller beauty brands,” he said.
“We’ve restructured global operations and offices, doubling down on investment in robots and AI.”
Despite the cuts, Matthew Moulding says a portion of the savings has been reinvested into remaining staff.
THG’s average salaries have risen sharply post-Covid to £51,000, rising to a total cost of £61,000 per employee once taxes and benefits are included.
Some of the capital was also earmarked for Myprotein’s major global rebrand, which launched at the start of 2024.
After 18 months of planning, Matthew Moulding and his team positioned the business for a renewed push into offline retail — aiming to establish an omnichannel presence and grow in-person sales by 25% over the medium term.
This led to the sports nutrition giant placing just under 80 products in 1,200 Boots stores nationwide — Myprotein’s biggest launch with a single retailer to date.
Later, a collaboration with Müller saw high-protein yoghurts, desserts, mousses, and, most recently, complete nutrition shakes extend Myprotein’s footprint across supermarket shelves.
However, the momentum carried into the year was hit hard by a “monumental” spike in commodity prices — particularly in whey protein.
Combined with efforts to minimise price hikes for customers, this cost the brand around £50 million.
Despite the dent to margins, the changes made by THG still allowed 2024 to close out as a year of growth.
“All this led to THG delivering FY 2024 Revenues of £1.9bn and underlying profits of £123.1m, both slightly ahead of 2023,” Moulding added.
“Without the initiatives of the last three years the numbers would have been very different.”
Matthew Moulding Knocks Back £600m Myprotein Bid
Last month, THG rejected a bid worth up to £600 million for Myprotein, describing it as “largely unfounded” and “highly conditional”.
The approach was made by Selkirk, a shell investment vehicle created by two of THG’s early backers — including former non-executive director Iain McDonald.
In a statement, THG said: “The board considered that the proposal fundamentally undervalued Myprotein and its prospects, and in addition carried significant execution complexity and risks, in particular the ability of Selkirk to raise sufficient funding.”
The company confirmed there has been no further engagement with Selkirk since the proposal was turned down — and says Myprotein is now firmly back on an upward trajectory.
“After a tough year of change across Myprotein, it’s a relief to see a much-improved start to 2025,” said Matthew Moulding.
“Last year’s global rebrand is now paying dividends. Myprotein is back in growth, growing momentum each month, with offline sales proving especially successful.”
READ MORE: MyProtein HYROX Range: Everything You Need To Know
