The Hut Group's CEO gifted almost entire £750,000 salary to charity last year
The Hut Group's Founder Matthew Moulding has reportedly gifted almost his entire salary of £750,000 to charities last year, taking home only £20,000.
According to a report from The Daily Mail, the former THG boss had waved his rights to a bonus, adding that the company had paid a £797,000 bill for his private security between 2020 and 2021.
Initially THG, which operates DTC brands including Coggles, AllSole and Lookfantastic, had thought this sum would not not have to be disclosed as it thought of it as a tax deductible but after conversations with HMRC the total sum was published.
The news comes two months after the company announced that it had hired former ITV boss Charles Allen as its Chairman as part of efforts to improve its corporate governance. In 2021, the Manchester-based company saw more than £2 billion knocked off its stock market value after it faced criticism over its governance structure and future prospects.
In February it was reported that The Hut Group was being circled by private equity firms considering a buyout of the online retail group. According to The Daily Mail, Advent International, Apollo and Leonard Green were all eyeing up an acquisition of the company.
In January 2022 The Hut Group revealed that its revenues in 2021 had increased by almost 38% year-on-year to £2.2 billion, marking its first full year as a public company.
