THG boss on course for £830m shares reward after triggering bonuses
The Hut Group boss Matthew Moulding is on course for an £830m shares payout, which could rise to £1bn.
The founder, chief executive and chairman has seen bonuses triggered after an increase in the group’s market capitalisation.
When THG floated on the London Stock Exchange in September, valued at 500p per share, the business was worth £5.4bn. Today, it is valued at £6.16bn, with shares trading at 635.12p per share this morning (November 17).
If the market capitalisation reaches £7.25bn Mr Moulding would receive £1bn in bonuses, on top of his base salary of £750,000 per year.
The payouts were part of the flotation prospectus for the Manchester-based business which Mr Moulding founded in 2004, with John Gallemore.
A THG spokesperson said: “We are delighted with the market reaction to our IPO and that all of our shareholders are benefiting from the strong performance of the business.
“The equity scheme was put in place when THG was a private company, and we are delighted that over 200 THG staff have already shared in the scheme, worth around £200m today.”
However, the bonuses have been criticised by campaigners. Luke Hildyard, director of campaign group the High Pay Centre, said: “Payments worth hundreds of millions of pounds are far more than any individual needs or could possibly ever spend, and will strengthen the argument for more effective taxation of corporations and the super-rich.”
THG raised £1.88bn when it floated in September, making it the largest ever technology IPO and the largest UK flotation since 2015.
