Matt and Jodie Moulding took a £100 million loan for a new investment vehicle/The founder of The Hut Group is selling shares worth £54 million in its £5.4 billion stock market listing, despite assurances from its advisers that he would hold on to all of his stock. Matt Moulding, 48, who founded the online retailer in 2004, is using the sale to fund the transfer of its property into his ownership. The company prospectus, published on Thursday, reveals that FIC Shareco, Mr Moulding’s new Guernsey-based investment vehicle, is selling 10.8 million shares at £5 each to partially fund a restructuring of The Hut Group’s property, which will transfer ownership to Mr Moulding. The restructuring means that Mr Moulding will become the company’s landlord and will collect at least £19 million a year in rent, although upward rent clauses

Source: The Times September 11, 2020 23:04 UTC