The payout for the tech entrepreneur is expected to be one of the UK’s biggest in corporate history
The Hut Group acquired Perricone MD for m earlier this year
Matthew Moulding, the Chief Executive of e-commerce company The Hut Group (THG), is expected to receive one of the UK’s biggest payouts in corporate history following a spike in the group’s share price.
Following its registration on the London Stock Exchange in September, with new shares worth £920m, a record listing for 2020, the group’s share price exceeded targets.
At closing on Friday, the 132.5 million shares were priced at £6.33 each, meaning the 44-year-old will take home a mammoth £830m bonus.
According to The Guardian, this could top £1bn if THG’s market value rises to £7.25bn.
In a statement to Cosmetics Business, THG said: “We are delighted with the market reaction to our IPO and that all of our shareholders are benefitting from the strong performance of the business.”
Meanwhile, at the time of the listing, Moulding confirmed his investment vehicle, FIC Shareco, was selling 10.8 million shares at £5 to transfer property into his ownership.
As a result of the sale, Moulding will take home £19m a year in rent from the company.
To date, Moudling’s tech darling, which he founded in 2004, provides technology platforms to beauty goliath Unilever, and runs websites for Asda, Tesco and WHSmith.
THG also owns pure-play beauty retailer Lookfantastic, subscription box company Glossybox and acquired premium skin care brand Perricone MD for US$60m earlier this year.