Matt Moulding

Last updated

Matt Moulding
Born
Matthew John Moulding

February 1972 (age 50)
Burnley, Lancashire, England
Education University of Nottingham
OccupationBusinessman
Known forFounder and 25% owner, The Hut Group
Spouse(s)Jodie Moulding
Children4

Matthew John Moulding (born February 1972) [1] is a British billionaire businessman, and the founder of The Hut Group (THG). As of April 2022, he has an estimated net worth of US$2.9 billion, and owns about 25% of THG. [2]

Contents

Early life

Moulding was born in Burnley, Lancashire, and attended Ss John Fisher and Thomas More Roman Catholic High School in Colne. [3]

Moulding studied industrial economics at the University of Nottingham before going on to qualify as a chartered accountant. [4] [5] His father was a tarmac contractor and his mother an antiques trader. [6]

He went on to work at the Caudwell Group, where he became finance director of its distribution business, working directly with John Caudwell. [4] [6]

Career

In 2004, Moulding founded THG, inspired by buying a CD online. [4] He said that he recognised that selling online could be "fundamentally so much cheaper". [4]

After investing £500,000 in the company, it took the business three years to break even, initially selling CDs online from the Channel Islands to avoid VAT. [4] [6] Moulding persuaded Terry Leahy and Stuart Rose to become early investors. [7] [8]

Following the launch of the iPhone and rising in digital music streaming Moulding shifted his focus to selling other products online, and acquired a number of other e-commerce businesses, including IWantOneOfThose.com, Lookfantastic, MyProtein, Zavvi, and Illamasqua. [4] In 2014, KKR bought 20 percent of the business. [7]

In 2013, it was reported that Moulding was considering floating the company. [9]

As of 2016, the company operated 100 e-commerce websites. [4] As of 2018, the company operated 166 websites. [6]

In 2018, it was announced that Moulding would become executive chairman. [10]

It was announced in September 2020 that Moulding would become a billionaire following THG's successful IPO on the London Stock Exchange. Moulding's stake 22% stake in the company is worth over $1.5 billion. [11]

In November 2020, Moulding received "one of the biggest payouts in UK corporate history" [12] [13] in a share bonus worth at least £830 million. [14]

Personal life

Matthew Moulding is married to Jodie Moulding. [15] They live in Northwich, Cheshire and have four children. [7] He has said that he avoids international travel. [7] Moulding owns a Lamborghini Urus. [3]

In 2015, Moulding signed a letter supporting the Conservative Party in the 2015 general election. [16]

According to The Sunday Times Rich List in May 2019, he has a net worth of £600 million. [17] In an interview Moulding gave to The Sunday Times in July 2019, he said he earns "about £1 million" a year. [3]

He is a supporter of the Seashell Trust. [3]

In October 2020, Moulding helped create The Moulding Foundation. In April 2021, he announced a donation of £100 million in THG shares to the Foundation. [18]

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References

  1. ↑ "Matthew John MOULDING - Personal Appointments (free information from Companies House)". beta.companieshouse.gov.uk. Retrieved 14 February 2019.
  2. ↑ "Forbes profile: Matt Moulding". Forbes. Retrieved 26 August 2022.
  3. 1 2 3 4 Evans, Peter. "Online boss whose control is as tight as his T-shirt". www.thetimes.co.uk. Retrieved 24 July 2019.
  4. 1 2 3 4 5 6 7 Begum, Shelina (11 December 2016). "How buying a CD online led to a £500m company". men. Retrieved 14 February 2019.
  5. ↑ "Matthew Moulding Takes The Executive Chair of The Hut Group". The Hut Group. 20 November 2018. Retrieved 14 February 2019.
  6. 1 2 3 4 Shah, Oliver (10 June 2018). "The Hut Group: Northwich's answer to Estée Lauder". The Sunday Times. ISSN   0956-1382 . Retrieved 14 February 2019.
  7. 1 2 3 4 Anderson, Elizabeth (24 May 2015). "Hut Group boss happy to stay private". ISSN   0307-1235 . Retrieved 14 February 2019.
  8. ↑ "Debrett's 500 List: Entrepreneurs". The Telegraph. 20 January 2017. ISSN   0307-1235 . Retrieved 14 February 2019.
  9. ↑ Butler, Sarah (20 September 2013). "The Hut packs a punch and eyes up £250m flotation". The Guardian. ISSN   0261-3077 . Retrieved 14 February 2019.
  10. ↑ "British tech 'unicorn' The Hut Group launches board shake-up". Sky News. Retrieved 14 February 2019.
  11. ↑ Duke, Simon. "Matt Moulding on a mission to turbocharge tech success after Hut Group's Softbank deal". ISSN   0140-0460 . Retrieved 27 May 2021.
  12. ↑ "Hut Group CEO to get £830m in shares in one of UK's biggest payouts". The Guardian. 15 November 2020. Retrieved 2 November 2021.
  13. ↑ "Health and beauty boss Matthew Moulding in line for £830m payout". BBC News. 16 November 2020. Retrieved 2 November 2021.
  14. ↑ Shah, Oliver. "The Hut Group's Matthew Moulding should give back his £830m bonus". ISSN   0140-0460 . Retrieved 2 November 2021.
  15. ↑ Nazir, Sahar (14 September 2020). "The Hut Group founder Matthew Moulding to sell £54m worth of shares". Retail Gazette. Retrieved 16 September 2020.
  16. ↑ Watt, Holly; Mason, Rowena; Siddique, Haroon; Grierson, Jamie; Pegg, David (1 April 2015). "Donors and peers among signatories of pro-Tory business letter". The Guardian. ISSN   0261-3077 . Retrieved 14 February 2019.
  17. ↑ Times, The Sunday (12 May 2019). "Rich List 2019: profiles 201-249=". ISSN   0140-0460 . Retrieved 4 July 2019.
  18. ↑ Armstrong, Ashley. "Matt Moulding: the billionaire who spoke to Bill Gates and decided to give away £100m". No. 0140–0460. Retrieved 27 May 2021.
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