The Hut Group Boss Makes 74 Staff Millionaires Through Share Giveaway

The billionaire boss of The Hut Group has reportedly made 74 members of his staff millionaires by gifting them shares.

In fact, Matt Moulding says he's given away shares in the Manchester-based business to around 430 members of staff over the past 10 years.

Those given the shares have ranged from people working in management right down to some folks working in the warehouse, and as The Hut Group's market value continues to soar, more millionaires could be made.

Moulding told The Mirror: "We have created more millionaires than any other company in British corporate history,

"The shares are 100 percent gifted, no-one has had to pay anything. We have genuinely changed so many lives."

The number of millionaires created by the company could rise because there are about £1 billion ($1.3bn) worth of shares that are set to one side for the staff, and there's still £175 million ($235m) to be handed out.

Moulding said that some of the people who'll receive shares will be graduates and school leavers who will receive 'life-changing sums' of money.

The 48-year-old chief executive and chairman owns 25 percent of the business, amounting to around £1.6 billion ($2.1bn).

The recent performance of the company - which has seen the share prices soar dramatically since it hit the market - also triggered a pay-out of £830 million ($1.1bn) worth of shares to Moulding.

Things are going well, let's just say that.

The dad-of-four explained: "Look, I guess it's to be expected in some form, but it's not something I seek out.

"I am doing this because I'm passionate about it.

"There is a lot of focus around what my wealth might be, but the amount of money we have shared is off the chart."

Despite the success of The Hut Group, Moulding is keen to never forget his humble beginnings in the Lancashire town of Colne.

He started his career washing pots, and was expelled for college for not showing up to classes.

Eventually, after a spell in a factory, he started selling CDs on the internet and gradually built up his business to running websites for other retailers.

Now, The Hut Group sells just about everything you can think of, and operates a whole load of websites selling everything from make-up to fitness products.

In September this year, it floated on the stock market and is currently worth £6.5 billion ($8.7bn).

Now, Moulding - who is donating his £750,000 ($1m) salary to charity - wants to create another 9,000 jobs, that's 3,000 each year, by 2023.

It's a good time to work for The Hut Group, so you'd think he'd have a fair few applicants.

Featured Image Credit: The Hut Group

Topics: UK News, Business, Money

Tom Wood

Tom Wood is a LADbible journalist and Twin Peaks enthusiast. Despite having a career in football cut short by a chronic lack of talent, he managed to obtain degrees from both the University of London and Salford. According to his French teacher, at the weekend he mostly likes to play football and go to the park with his brother. Contact Tom on [email protected]

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