Boardroom shake-up on the cards at online firm

Matthew Moulding

A major reshuffle is on the cards at top of one of Manchester’s most successful businesses.

According to reports a shake-up is taking place at the board of The Hut Group which will include the departure of the firm’s chairman.

The online beauty retailer, which is based at Manchester Airport, is one of the fastest growing firms in the UK.

Earlier this year The Hut Group  landed £600m worth of funding to help expand the business.

The firm is also investing £760m in a new head office which will eventually be home to 1,000 staff.

Reports have emerged that founder and chief executive Matthew Moulding will become executive chairman of the business in the new year.

He will take over from Richard Pennycook, the former Co-op Group chief executive, who has been on The Hut Group’s board for six years.

Meanwhile the firm’s beauty chief Rachel Horsefield will join its board as an executive director.

Zillah Byng-Thorne, the head of magazine publisher Future, will also become a board member and chair of its audit committee.

Zillah has advised the company for the last four years.

Dominic Murphy, an experienced private equity executive, is to become the company’s senior independent director.

In recent months, The Hut Group has acquired beauty businesses such as Acheson & Acheson, a beauty contract manufacturer and product developer, in a deal understood to be worth more than £50m.

It has also bought technology companies including Language Connect, which provides translation services.

In May, the company published its annual results for 2017, revealing group sales of £736m and gross profits of £318m.

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