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£200m To Be Shared Out To Around 200 Members Of The Hut Group Staff

£200m To Be Shared Out To Around 200 Members Of The Hut Group Staff

Around 200 members of staff at Manchester-based business The Hut Group now have a combined total of £200m ($267m) worth of shares after the company's market value soared.

The company's co-founder Matt Moulding is to be awarded £830m ($1.1bn) in shares, which is one of the biggest payouts ever, due to their performance during this year so far.

The 48-year-old has admitted in the past that he was quite late in arriving at the internet, but now - along with co-founder John Gallemore - owns more than 100 brands and websites.

Not bad, given that they started out selling CDs online 16 years ago.

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This latest share success comes just months after The Hut Group was launched onto the stock market back in September.

It's fair to say that things have been going pretty well for them since then.

MyProtein is just one of the brands owned by the group. Credit: MyProtein
MyProtein is just one of the brands owned by the group. Credit: MyProtein

Moulding, who grew up in Colne, Lancashire, is a workaholic who - according to The Mirror - gets up at the crack of dawn every day and drinks as many as 20 shots of coffee on each working day.

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Despite his lengthy hours leading to considerable wealth, the health and fitness enthusiast has never forgotten his humble roots living in the post-industrial mill town.

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He has promised that his entire £750,000 ($1m) salary will be donated to charity this year, and has also given £10m ($13.3m) from his own pocket to support relief efforts during the ongoing coronavirus pandemic, as well as £2m ($2.6m) in personal protective equipment to frontline workers in addition to that.

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The employees of The Hut Group stand to benefit significantly from this market success too, as many bought shares in the company when the business's financial position wasn't as rosy-looking as it is now.

It's been reported that the company shared out a £21m ($28m) windfall between shareholding staff last year, which made several members of staff - including Moulding's own PA - millionaires.

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Matt Moulding. Credit: THG PLC
Matt Moulding. Credit: THG PLC

At the time, Moulding explained: "No one in the scheme received less than a couple of hundred grand.

"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."

So far, The Hut Group has hit all valuation targets, meaning that everyone in the company with shares, as well as executives, could stand to benefit.

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A spokesperson 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 £200 million today."

Featured Image Credit: The Hut Group/Publicity

Topics: UK News, Business, Money, Interesting

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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 weekends he mostly likes to play football and go to the park with his brother. Contact Tom on [email protected]