The £700million man: Online shopping tycoon is set for huge windfall when his business floats on stock market if he can boost company’s value to £7.25billion within two years
- Matthew Moulding started the company, best known for MyProtein, in 2004
- He will get shares worth £700million if company’s valuation hits £7.25 billion
- The Hut Group said it is looking to raise around £920 million through a share offering as it confirmed the intention to float
A shopping tycoon is set for a huge cage windfall after online retailer The Hut Group (THG) has revealed plans for a £4.5 billion listing on the London Stock Exchange.
Matthew Moulding started the company in 2004 and will be awarded shares worth £700million if the company’s valuation reaches £7.25 billion in the next two years, as reported by The Times.
The 48-year-old owns 20 per cent of the business which is best known for its MyProtein brand of fitness supplements.
The Hut Group said it is looking to raise around £920 million through a share offering as it confirmed the intention to float.
Matthew Moulding (pictured) started the company in 2004 and will be awarded shares worth £700million if the company’s valuation reaches £7.25 billion in the next two years
The company has rapidly expanded as shoppers increasingly turn online for health and lifestyle brands, with around 7,000 staff now employed by the Manchester-based group.
THG owns a variety of its own cosmetic brands – many of which it has acquired in recent years – but also sells third-party brands through e-commerce sites it operates, such as Glossybox.
In 2019, the company saw revenues jump by 24.5% year-on-year to £1.1 billion, with adjusted earnings before tax and interest of £111.3 million.
It told potential investors that its growth has accelerated recently as it saw revenues increase by 35.8% to £676 million for the six months to June 30.
The listing is to be one of the first major floats in London after the coronavirus pandemic halted the recovering IPO market.
The 48-year-old owns 20 per cent of the business which is best known for its MyProtein brand of fitness supplements
Mr Moulding, chief executive officer and chairman of THG, said: “Our intention to float THG on the London Stock Exchange reflects the achievements of the past but also our strong belief in the significant potential for THG in the future.
“THG has enjoyed strong growth since being founded in 2004, employing more than 7,000 people and establishing a track record of consistent delivery for our customers.
“The brands we own today give us leading strategic positions in prestige beauty and nutrition, powered by Ingenuity, our differentiated proprietary direct-to-consumer e-commerce solution.”
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