Billionaire businessman Matthew Moulding has landed a gigantic £830million payout – one of the biggest ever – after share prices of The Hut Group soared.
The 48-year-old, who launched his company with John Gallemore in 2004, has amassed a huge fortune over the last 16 years.
Moulding, who confesses he was a late comer to the internet, first started out selling CDs online but has now branched out into a huge range of more than 100 websites.
The focus is largely on health and beauty and the firm sells a range of goods, from cosmetics to protein supplements, as well as being the force behind massiverbands like Honda and Nestle.
Despite only launching The Hut Group onto the stock market in September, it’s share prices skyrocketed, earning Moulding his record-busting payout.
The father-of-four, who grew up in Colne, near Burnley, in Lancashire, is a self-confessed workaholic, who manages his empire almost exclusively on his mobile phone.
Moulding works huge hours and powers his day with a whopping 20 shots of coffee.
Happily married, the businessman is also extremely health and fitness conscious and doesn’t let his gruelling workload get in the way of his gym sessions.
Despite his incredible work ethic, Moulding also makes sure he finds time for luxury holidays in exclusive resorts in the Maldives with his wife and children.
And the entrepreneur, who starts each working day at 6am sharp, has never forgotten in working class roots growing up in a two up, two down terrace in a Lancashire mill town.
Moulding has vowed to donate the entirety of his £750,000 annual salary to charity. He has also given £10million of his fortune to support Covid relief efforts during the coronavirus pandemic and donated £2million of PPE to frontline workers on top of that.
The online mogul has also made sure he supports those behind the success of his business – his employees.
Last year, staff at the Manchester-based The Hut Group shared a massive £21million share windfall between them.
Several workers became multi-millionaires as a result of the company’s share buy back scheme, which is open to staff, says Moulding.
He added: “No one in the scheme received less than a couple of hundred grand.”
Those included, who were recommended for the scheme by their managers, had included airport drivers and Moulding’s own personal assistant, who made so much money from the shares that she was able to retire when she was just 36.
Moulding said at the time: “With the rise of [Jeremy] Corbyn, there is a lot of anti-business sentiment around, but there are people in business who want to do the right thing. No one is perfect, but we are wanting to share the wealth.”
Employees at The Hut Group had been awarded more than a fifth of the company’s share capital since it was founded in 2004.
After being floated on the stock market just two months ago, The Hut Group hit all of its valuation targets, which will mean huge payouts for its other executives, as well as Moulding.
A spokesman for THG said: “We are delighted with the market reaction to our IPO and that all of our shareholders are benefiting from the strong performance of the business.
“The equity scheme was put in place when THG was a private company, and we are delighted that over 200 THG staff have already shared in the scheme, worth around £200million today.”
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