Brit businessman Matthew Moulding’s incredible £21m gift to staff

Rags to riches billionaire Matthew Moulding has bagged a record £830m payout.

The Lancashire-born internet mogul received one of the biggest ever returns after The Hut Group's share prices sky-rocketed this year.

Dad-of-four Matthew, 48, started out selling CDs with John Gallemore when they launched the website in Manchester 16 years ago.

They expanded their start-up's range and went on to become the driving force behind huge brands like Honda and Nestle.

The Hut Group's share prices soared after it was put onto the stock market in September.

Hardworking Moulding, who grew up in Colne, near Burnley, has vowed to donate his entire £750,000 salary to charity and ensured his staff will share in the wealth.

He has also given £10million of his fortune to support Covid relief efforts during the coronavirus pandemic and donated £2million of PPE to frontline workers on top of that.

The self-confessed workaholic manages his empire almost exclusively on his mobile phone and powers his day with a whopping 20 shots of coffee.

Moulding starts each working day at 6am sharp and says he has never forgotten in working-class roots growing up in a two-up, two-down terrace in a Lancashire mill town.

  • Duty-free billionaire 'has given away almost his entire fortune' to charity

The online mogul has made sure he supports those behind the success of his business – his employees.

Last year, staff at the Manchester-based The Hut Group shared a massive £21million share windfall between them.

Several workers became multi-millionaires as a result of the company's share buyback scheme, which is open to staff, says Moulding.

  • Elon Musk's implanted brain chips could spark 'army of hacked AI machines' warns expert

He added: "No one in the scheme received less than a couple of hundred grand."

Those included, who were recommended for the scheme by their managers, had included airport drivers and Moulding's own personal assistant, who made so much money from the shares that she was able to retire when she was just 36.

Moulding said at the time: "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."

  • YouTuber, 17, crashes billionaire dad's £2.5m hypercar before joking, 's*** happens'

Happily married, the businessman is also extremely health and fitness conscious and doesn't let his gruelling workload get in the way of his gym sessions, the Mirror Online reports.

Despite his incredible work ethic, Moulding also makes sure he finds time for luxury holidays in exclusive resorts in the Maldives with his wife and children.

Employees at The Hut Group had been awarded more than a fifth of the company's share capital since it was founded in 2004.

  • Nigerian billionaire announces Arsenal takeover intention in bid to 'bring back trophies'

After being floated on the stock market just two months ago, The Hut Group hit all of its valuation targets, which will mean huge payouts for its other executives, as well as Moulding.

A spokesman for THG 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 £200million today."

Source: Read Full Article