Boss of online retailer The Hut Group being lined up for £700m bonanza as his company prepares to float in London
The boss of online retailer The Hut Group is being lined up for a £700m bonanza as his company prepares to float in London, it was claimed last night.
Matthew Moulding could bag the bonus – one of the biggest in UK corporate history – under plans set to be outlined in a £4.5billion listing.
Float: The company is set to reveal its listing plans and is expected to raise up to £1billion
It would be paid to him if The Hut Group reaches a market capitalisation of £7.25billion by December 2022, according to Sky News.
The company could reveal its listing plans today and is expected to raise up to £1billion.
Moulding, 48, founded the business with fellow former Phones4u executive John Gallemore in 2004, using £500,000 in savings.
Windfall: The Hut Group boss: Matthew Moulding
It initially sold CDs, DVDs and goods such as handbags using a tax loophole to avoid VAT. It now runs ecommerce websites for firms including Johnson & Johnson and Nestle, with sales rising from just £80m to more than £1.1billion in the past decade.
Under the proposed deal, Moulding would gain a ‘founder’s share’ allowing him to veto takeovers.
His potential bonus would reportedly be part of a £1.2billion payout if the market cap target is reached.
The Hut Group declined to comment.