Business

Charitable Hut chief Matthew Moulding keeps just £20,000

Hut Group’s embattled boss took house just £20,000 final year after giving nearly his whole wage to charity

  • THG sells skincare and dietary supplements, and runs manufacturers like Lookfantastic

The Hut Group’s embattled boss took house just £20,000 final year after giving nearly his whole wage to charity. 

Matthew Moulding, the e-commerce retailer’s founder, gave up £730,000 of his £750,000 pay packet in 2021, additionally waiving his entitlement to a bonus. 

But it emerged that THG spent £797,000 on personal safety for Moulding between 2020 and 2021. 

Salary cap: Matthew Moulding, the e-commerce retailer's founder, gave up £730,000 of his £750,000 pay packet in 2021, also waiving his entitlement to a bonus

Salary cap: Matthew Moulding, the e-commerce retailer’s founder, gave up £730,000 of his £750,000 pay packet in 2021, additionally waiving his entitlement to a bonus

The company initially thought this was tax deductible – that means it could not need to be disclosed – however concluded this was not the case following talks with HMRC. 

THG stated Moulding had coated the price of his personal personal safety from January this year, so it could not be included in future annual studies. 

Finance boss John Gallemore, who has been Moulding’s righthand man since he arrange THG in 2004, additionally donated £430,000 of his wage, to take house just £20,000. 

THG sells skincare, make-up and dietary supplements, and its manufacturers embody Lookfantastic and Myprotein. Its major divisions are magnificence, vitamin and tech arm Ingenuity. 

The donations come amid a torrid time for shareholders within the Manchester-based business, which floated on the London Stock Exchange in 2020. 

It has suffered a surprising fall from being certainly one of Britain’s most profitable IPOs to a business dogged by company governance issues. It has confronted questions over Moulding’s vice-like grip on the business and the worth of Ingenuity. Shares listed at 500p and have since crashed, falling 80 per cent to shut yesterday at 108.8p.

Moulding, 50, has stated he has thought of taking the company personal once more, including that life on the general public market has ‘just sucked from begin to end’. 

In March it introduced in City heavyweight Charles Allen, the previous boss of ITV, to shore up help amongst buyers and spark some life again into shares. 

Advertisement

Back to top button