The owner of Lookfantastic is expected to sell 10.8 million shares at £5
Beauty owner The Hut Group has confirmed its founder Matthew Moulding is selling shares worth £54m.
Moulding, who established the firm in 2004, said he will be using the sale to fund the transfer of its property into his ownership, according to The Times.
The company’s prospectus revealed that FIC Shareco, Moulding’s new investment vehicle, is selling 10.8 million shares at £5.
If the sale goes ahead, it is reported that Moulding will take home £19m a year rent.
The announcement comes at the same time that the company confirmed its initial public offering (IPO) outperformed expectations with a market capitalisation of £5.4bn.
The London Stock Exchange listing was expected to be valued at £4.5bn, which would have made it the UK’s largest this year.