THG has sold two lossmaking businesses for £4mn as part of the ecommerce group’s streamlining effort to reverse lacklustre performance and regain confidence from investors. The London-listed group said on Friday it sold entertainment products division THG OnDemand to a company led by the unit’s management and funded by investment firm Gordon Brothers. It added that it had also sold cycling equipment retailer ProBikeKit to retailer Frasers Group, controlled by billionaire Mike Ashley, in the second quarter of the year.