By Oisin Sweeney • 09 December 2020 • 8:32
A BRITISH billionaire has turned 74 of his employees into millionaires after gifting his 430 staff members a billion pounds worth of company shares.
Matt Moulding is the founder and director of ‘the Hut Group‘, a Manchester-based online beauty and health product retailer that sells its products through over 200 websites. Since starting the company in 2004, the generous tycoon has gifted a fifth of all shares to his employees from warehouse workers to senior managers.
‘We have created more millionaires than any other company in British corporate history’ says the Lancashire native, who began his career as a dishwasher after he was expelled from school, ‘The shares are 100% gifted, no one has to pay anything. We have genuinely changed so many lives’.
Moulding’s company, which enjoys lucrative partnerships with Coca-Cola and Nestle, netted £830 million in September when it launched on the stock market bringing its total value to £5 billion. Over a billion has been donated to its hard-working staff, but that hasn’t stopped the entrepreneur and his family from making the Sunday Times Rich List at £930 million.
The philanthropist also donated £10 million to Covid relief efforts during the pandemic and spent another £2 million on PPE gear for frontline NHS workers.
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Oisin is an Irish writer based in Seville, the sunny capital of Andalucia. After starting his working life as a bookseller, he moved into journalism and cut his teeth as a reporter at one of Ireland's biggest news websites. Since joining Euro Weekly News in November, he has enjoyed covering the latest stories from Seville, Spain and further afield - with special interests in crime, cybersecurity, and European politics. Anyone who can pronounce his name first try gets a free cerveza...
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