Matthew Moulding
{{Short description|British business person (born 1972)}}
{{Use dmy dates|date = May 2017}}
{{Use British English|date=October 2022}}
{{Infobox person
| name = Matthew Moulding
| image =
| image_size =
| caption =
| birth_name = Matthew John Moulding
| birth_date = {{birth year and age|1972|02}}
| birth_place = Burnley, England
| death_date =
| death_place =
| education = University of Nottingham
| occupation = Entrepreneur
| known for = Founder and CEO of THG plc
| boards =
| spouse = Jodie Moulding
| children = 4
}}
Matthew John Moulding (born February 1972){{Cite web|url=https://beta.companieshouse.gov.uk/officers/Sg_uGR4h4PGVvWgh8AnbUfyOQoU/appointments|title=Matthew John MOULDING - Personal Appointments (free information from Companies House)|website=beta.companieshouse.gov.uk|language=en|access-date=2019-02-14}} 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.{{Cite web|title=Matt and Jodie Moulding net worth — Sunday Times Rich List 2022|url=https://www.thetimes.com/article/matt-jodie-moulding-net-worth-sunday-times-rich-list-7z90px26j|date=20 May 2022|access-date=2 October 2022|website=Sunday Times}}
Early life
Moulding was born in Burnley, Lancashire, and attended Ss John Fisher and Thomas More Roman Catholic High School in Colne.{{Cite news|url=https://www.thetimes.com/sport/football/article/online-boss-whose-control-is-as-tight-as-his-t-shirt-nb59rdwvc|title=Online boss whose control is as tight as his T-shirt|last=Evans|first=Peter|website=The Times|language=en|access-date=2019-07-24}}
Moulding studied industrial economics at the University of Nottingham before going on to qualify as a chartered accountant.{{Cite web|url=http://www.manchestereveningnews.co.uk/business/business-news/the-hut-group-online-retail-12297627|title=How buying a CD online led to a £500m company|last=Begum|first=Shelina|date=2016-12-11|website=men|access-date=2019-02-14}}{{Cite web|url=https://www.thg.com/blog/2018/11/20/matthew-moulding-takes-the-executive-chair-of-the-hut-group/|title=Matthew Moulding Takes The Executive Chair of The Hut Group|date=2018-11-20|website=The Hut Group.|language=en-GB|access-date=2019-02-14}} His father was a tarmac contractor and his mother an antiques trader.{{Cite news|url=https://www.thetimes.com/business-money/companies/article/the-hut-group-northwichs-answer-to-estee-lauder-9b9208p03|title=The Hut Group: Northwich's answer to Estée Lauder|last=Shah|first=Oliver|date=2018-06-10|work=The Sunday Times|access-date=2019-02-14|language=en|issn=0956-1382}}
Career
Before founding The Hut Group, Moulding worked as CFO for the distribution business of Caudwell Group, working directly with John Caudwell.
In 2004, Moulding founded The Hut Group in Manchester, inspired by buying a CD online. He said that he recognised that selling online could be "fundamentally so much cheaper". 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.{{cite web |url=https://omr.com/en/daily/the-inside-story-of-the-hut-group-and-how-it-reached-a-usd-6b-valuation/|title=The inside story of "The Hut Group" and how it reached a USD-6b valuation |last1=Gardt |first1=Martin |last2=Peterson | first2=Scott |date=23 September 2020 |website=OMR |access-date=26 September 2022}}
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.
On 16 September 2020, THG floated on the London Stock Exchange, the largest IPO on the LSE since 2013.{{Cite news|last1=Jolly|first1=Jasper|last2=Butler|first2=Sarah|date=2020-09-16|title=Hut Group shares jump in value by quarter on first stock market day|language=en-GB|work=The Guardian|url=https://www.theguardian.com/business/2020/sep/16/hut-group-shares-jump-in-value-by-quarter-on-first-stock-market-day|access-date=2020-09-16|issn=0261-3077}} 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.{{Cite web|date=2020-09-16|title=Hut Group shares jump in value by quarter on first stock market day|url=http://www.theguardian.com/business/2020/sep/16/hut-group-shares-jump-in-value-by-quarter-on-first-stock-market-day|access-date=2021-10-14|website=the Guardian|language=en}} After the flotation, Moulding received one of the biggest payouts in UK corporate history of at least £830m in shares.{{Cite web|date=2020-11-15|title=Hut Group CEO to get £830m in shares in one of UK's biggest payouts|url=http://www.theguardian.com/business/2020/nov/15/hut-group-ceo-to-receive-one-of-uk-biggest-payouts-after-share-price-rise|access-date=2021-10-14|website=the Guardian|language=en}}
Initially the company's chairman and CEO, Moulding stepped down as chairman in March 2022 following criticism of the THG's governance arrangements.{{Cite web|title=THG hires ex-ITV boss Lord Allen as first external chairman in push to repair relations with the City|url=https://www.standard.co.uk/business/thg-lord-chalres-allen-chair-matt-moulding-b989745.html|date=22 March 2022|access-date=2 October 2022|website=Evening Standard}}
Personal life
Matthew Moulding is married to Jodie Moulding.{{cite news |last1=Nazir |first1=Sahar |title=The Hut Group founder Matthew Moulding to sell £54m worth of shares |url=https://www.retailgazette.co.uk/blog/2020/09/the-hut-group-founder-matthew-moulding-to-sell-54m-worth-of-shares/ |accessdate=16 September 2020 |work=Retail Gazette |date=14 September 2020}} They live in Northwich, Cheshire and have four children.{{Cite news|url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11625099/Hut-Group-boss-happy-to-stay-private.html|title=Hut Group boss happy to stay private|last=Anderson|first=Elizabeth|date=2015-05-24|access-date=2019-02-14|language=en-GB|issn=0307-1235}}
In 2015, Moulding signed a letter supporting the Conservative Party in the 2015 general election.{{Cite news|url=https://www.theguardian.com/politics/2015/apr/01/donors-peers-tory-business-letter|title=Donors and peers among signatories of pro-Tory business letter|last1=Watt|first1=Holly|date=2015-04-01|work=The Guardian|access-date=2019-02-14|last2=Mason|first2=Rowena|language=en-GB|issn=0261-3077|last3=Siddique|first3=Haroon|last4=Grierson|first4=Jamie|last5=Pegg|first5=David}}
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.{{cite news |last1=Armstrong |first1=Ashley |title=Matt Moulding: the billionaire who spoke to Bill Gates and decided to give away £100m |url=https://www.thetimes.com/article/matt-moulding-the-billionaire-who-met-bill-gates-and-decided-to-give-away-100m-lsjl7qg9k |access-date=2021-05-27 |issue=140–0460}}
As of May 2022, he has an estimated net worth of £700 million, down from £1.4 billion in 2021.
References
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Category:20th-century English businesspeople
Category:21st-century English businesspeople
Category:21st-century British philanthropists
Category:Alumni of the University of Nottingham
Category:British online retailer founders
Category:English chief executives