Hut Group’s float promises bumper payday for co-founder
THE co-founder of online health and beauty firm The Hut Group could net one of the biggest payouts in British corporate history as it plots a £4.5bn stock market float.
Matthew Moulding, executive chairman, who began working life as a pot washer in his local pub, is in line to pocket more than £700m of shares through a long-standing bonus scheme, which will pay out if the company is worth at least £7.25bn by December 2022.
Mr Moulding already owns a minority stake in the company and is set to be awarded up to 10pc of shares if the plans prove to be a success, according to Sky News.
At a £7.25bn market value, this would be worth £725m, propelling him further into the realms of the superrich. His existing shareholding is reportedly worth more than £1bn. The Manchester-based business has grown to become one of the largest online retailers in beauty and nutrition, employing around 7,000 people and trading in 169 countries.
The firm stocks cosmetic brands including Christophe Robin, ESPA and Illamasqua.
The potential payday comes as the company prepares to file its intention to float on the London Stock Exchange later this week, when details of the bonus programme will also be released. The firm hopes to go public on Sept 16 in a listing that Mr Moulding said would create more millionaires than any other in British corporate history.
The float – London’s biggest so far this year – will mean the company sells between £500m and £900m of new shares to institutional investors.
As well as a bumper payday for Mr Moulding, the scheme will boost around 500 other employees understood to have been given equity in the business. The Hut Group declined to comment.