Matthew Moulding

Matthew Moulding
Born
Matthew John Moulding

February 1972 (age 52)
Burnley, England
EducationUniversity of Nottingham
OccupationEntrepreneur
Known forFounder and CEO of THG plc
SpouseJodie Moulding
Children4

Matthew John Moulding (born February 1972)[1] is a British businessman, founder and CEO of THG plc. As of May 2022, he has an estimated net worth of £700 million, down from £1.4 billion in 2021.[2]

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]

Career

Before founding The Hut Group, Moulding worked as CFO for the distribution business of Caudwell Group, working directly with John Caudwell.[4][6]

In 2004, Moulding founded The Hut Group in Manchester, inspired by buying a CD online.[4] He said that he recognised that selling online could be "fundamentally so much cheaper".[4] The company was founded with a £500,000 investment by Matt Moulding and John Gallemore. The company sold CDs and DVDs online before creating white-label web stores for large physical retailers, including Asda, Argos Entertainment, Tesco and WHSmith.[7]

The creation of the iPhone in 2007 undermined this business model and The Hut Group began acquiring internet retailers and moving them into the group's existing systems and warehouses. The company purchased Zavvi in 2009, Lookfantastic in 2010 and Myprotein in 2011. The group focused on beauty and lifestyle products because of the large margins and potential for international scaling.[7]

On 16 September 2020, THG floated on the London Stock Exchange, the largest IPO on the LSE since 2013.[8] The share price rose in value by 25% on the first day of trading, generating £920m for the company and £961m for the company's owners.[9] After the flotation, Moulding received one of the biggest payouts in UK corporate history of at least £830m in shares.[10]

Initially the company's chairman and CEO, Moulding stepped down as chairman in March 2022 following criticism of the THG's governance arrangements.[11]

Personal life

Matthew Moulding is married to Jodie Moulding.[12] They live in Northwich, Cheshire and have four children.[13]

In 2015, Moulding signed a letter supporting the Conservative Party in the 2015 general election.[14]

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.[15]

As of May 2022, he has an estimated net worth of £700 million, down from £1.4 billion in 2021.[2]

References

  1. ^ "Matthew John MOULDING - Personal Appointments (free information from Companies House)". beta.companieshouse.gov.uk. Retrieved 14 February 2019.
  2. ^ a b "Matt and Jodie Moulding net worth — Sunday Times Rich List 2022". Sunday Times. 20 May 2022. Retrieved 2 October 2022.
  3. ^ Evans, Peter. "Online boss whose control is as tight as his T-shirt". www.thetimes.co.uk. Retrieved 24 July 2019.
  4. ^ a b c d 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. ^ a b 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. ^ a b Gardt, Martin; Peterson, Scott (23 September 2020). "The inside story of "The Hut Group" and how it reached a USD-6b valuation". OMR. Retrieved 26 September 2022.
  8. ^ Jolly, Jasper; Butler, Sarah (16 September 2020). "Hut Group shares jump in value by quarter on first stock market day". The Guardian. ISSN 0261-3077. Retrieved 16 September 2020.
  9. ^ "Hut Group shares jump in value by quarter on first stock market day". the Guardian. 16 September 2020. Retrieved 14 October 2021.
  10. ^ "Hut Group CEO to get £830m in shares in one of UK's biggest payouts". the Guardian. 15 November 2020. Retrieved 14 October 2021.
  11. ^ "THG hires ex-ITV boss Lord Allen as first external chairman in push to repair relations with the City". Evening Standard. 22 March 2022. Retrieved 2 October 2022.
  12. ^ Nazir, Sahar (14 September 2020). "The Hut Group founder Matthew Moulding to sell £54m worth of shares". Retail Gazette. Retrieved 16 September 2020.
  13. ^ Anderson, Elizabeth (24 May 2015). "Hut Group boss happy to stay private". ISSN 0307-1235. Retrieved 14 February 2019.
  14. ^ 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.
  15. ^ Armstrong, Ashley. "Matt Moulding: the billionaire who spoke to Bill Gates and decided to give away £100m". No. 140–0460. Retrieved 27 May 2021.