The founder of The Hut Group has pledged to donate £100million of the online retailer’s shares to charity and hand all his salary to good causes – despite the firm’s £482million annual loss.
Executive chairman and chief executive Matthew Moulding, 49, will give the mammoth stake to the Moulding Foundation, set up by the entrepreneur and his family last year.
The move, which comes just seven months after The Hut Group owner THG’s initial public offering (IPO), sees him become one of the UK’s biggest philanthropists.
THG said it had already donated £300,000 to charities between last September’s IPO and the end of 2020, instead of paying Mr Moulding and co-director John Gallemore their base salaries.
Executive chairman and chief executive Matthew Moulding (centre) will give the mammoth stake to the Moulding Foundation, set up by the entrepreneur and his family last year
THG (headquarters in Manchester pictured) confirmed the donation as it said revenues soared 41.5 per cent to £1.6billion in 2020 and underlying profit jumped 35 per cent to £151million
THG – which also owns MyProtein, Lookfantastic and ESPA – confirmed the donation as it said revenues soared 41.5 per cent to £1.6billion in 2020 and underlying profit jumped 35 per cent to £151million.
But the group reported an operating loss of £481.8million for the year, power yoga exercises ending December, which it said was ‘driven by a significant proportion of non-recurring and non-cash events’.
The technology platform for health and beauty brands said solid trading had continued into 2021, with sales up 58.2 per cent in the first quarter.
It confirmed it expects revenue growth of between 30 per cent and 35 per cent for 2021.
Mr Moulding (pictured above), a major Conservative Party donor who created the online retailing company in 2004, received a massive shares fortune on the firm’s flotation
Mr Moulding and his wife Jodie (both pictured above) own 319million shares – a 25 per cent stake worth £2.2billion before the donation
Matthew Moulding (above, in red shorts), 49, started online retailer The Hut Group (THG) company in 2004