Founder of online retailer The Hut Group pledges to gift £100 million of the firm’s shares to charity

The founder of online retailer The Hut Group has pledged to gift £100 million of the firm’s shares to charity and hand all his salary to good causes following its stock market debut last year.

THG comprises THG Beauty. THG Nutrition, THG Ingenuity and THG OnDemand.

Matthew Moulding, executive chairman and chief executive of the group, will give the mammoth stake to the Moulding Foundation, set up by the entrepreneur and his family last year.

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The move – which comes just seven months after The Hut Group owner THG’s initial public offering (IPO) – sees him become one of the UK’s biggest philanthropists.

It said it had already donated £300,000 to charities between last September’s IPO and the end of 2020 instead of paying Mr Moulding and co-director John Gallemore their base salaries.

THG comprises five divisions: THG Beauty (47% of sales), THG Nutrition (35%), THG Ingenuity (8%), THG OnDemand (6%) and Other (4%)