Boss of The Hut Group being lined up for £700m bonanza

The boss of online retailer The Hut Group is being lined up for a £700m bonanza as his company prepares to float in London, it was claimed last night. 

Matthew Moulding could bag the bonus – one of the biggest in UK corporate history – under plans set to be outlined in a £4.5billion listing. 

Float: The company is set to reveal its listing plans and is expected to raise up to £1billion

Float: The company is set to reveal its listing plans and is expected to raise up to £1billion

Float: The company is set to reveal its listing plans and is expected to raise up to £1billion

It would be paid to him if The Hut Group reaches a market capitalisation of £7.25billion by December 2022, according to Sky News. 

The company could reveal its listing plans today and is expected to raise up to £1billion. 

Moulding, 48, founded the business with fellow former Phones4u executive John Gallemore in 2004, using £500,000 in savings. 

Windfall: The Hut Group boss: Matthew Moulding

Windfall: The Hut Group boss: Matthew Moulding

Windfall: The Hut Group boss: Matthew Moulding

It initially sold CDs, DVDs and goods such as handbags using a tax loophole to avoid VAT. It now runs ecommerce websites for firms including Johnson & Johnson and Nestle, with sales rising from just £80m to more than £1.1billion in the past decade. 

Under the proposed deal, Moulding would gain a ‘founder’s share’ allowing him to veto takeovers. 

His potential bonus would reportedly be part of a £1.2billion payout if the market cap target is reached. 

The Hut Group declined to comment. 

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