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The Manchester tech boss turns 74 of his employees into millionaires


The CEO of a Manchester-based company hired 74 people to join the company's millionaires after giving employees a total of £ 1 billion in shares.

Matt Molding, 48, founder of the Hut Group, said he had donated around 430 employee shares in the company over the past decade.

This includes those who work in the company as drivers, warehouse workers and secretaries. Jobs that are often overlooked when awarding awards.

In an interview with Der Spiegel, Mr. Molding said: “We have created more millionaires than any other company in British corporate history.

Hut Group's founder Matthew Molding and his wife Jodie (pictured). Mr. Molding said he had donated around 430 employee shares to the company over the past decade

Did you receive a share gift from THG?

Email rory.tingle@mailonline.co.uk

& # 39; The shares are 100 percent gifted, nobody had to pay anything. We really changed so many lives. & # 39;

Of those who received the shares, 74 are now millionaires, with the company having had exponential success in recent years.

Mr Molding added that he plans to give more shares to those who work for him, with £ 175 million earmarked for distribution.

The tech company stands behind brands like LookFantastic, GlossyBox, MyProtein, Exante and MyVitamins. In addition to the brands, investors are particularly interested in online shopping technology, which they are licensing to companies such as Asda and Tesco.

Mr Molding's 25 percent stake in the company is said to be worth £ 1.6 billion. He donates all of his salary to charity.

Hut Group Founder and CEO Matthew Molding poses in Manchester, UK in 2019

Hut Group Founder and CEO Matthew Molding poses in Manchester, UK in 2019

Mr. Molding with Boris Johnson. The founder saw the company's share price surge, which earned him a payout of £ 830 million in November

Mr. Molding with Boris Johnson. The founder saw the company's share price surge, which earned him a payout of £ 830 million in November

Among those at the company who have benefited from his generosity is a driver who has amassed £ 40,000 in addition to his salary in the past two years with the company. So he can buy a new car and take his family on vacation to the US and Canada, Mirror reports.

Another worker, a 30-year-old senior manager, told The Mirror that he started out as an apprentice at the company and came from the working class. He now holds £ 600,000 worth of shares and has sold £ 100,000 worth of shares to buy a house and pay for his wedding.

Mr Molding, the self-made shopping tycoon, was persuaded to donate more shares last month after a surge in the company's share price paid him £ 830 million.

Homemade online shopping tycoon Matt Molding (center) attended a state school before studying industrial economics at Nottingham University

Homemade online shopping tycoon Matt Molding (center) attended a state school before studying industrial economics at Nottingham University

The payoff is a notable change for Mr Molding, who began his professional life as a pot washer in his local pub and describes his background as "typical working class".

He grew up in Colne, a market town north of Burnley, his father was an asphalt road worker and his mother a housewife.

Mr. Molding attended a state school before studying industrial economics at Nottingham University.

Earning Money: Hut Group's founder and fitness fanatic, Matt Molding (top in red shorts)

Earning Money: Hut Group's founder and fitness fanatic, Matt Molding (top in red shorts)

Now his family has a fortune of £ 600 million, with the tycoon tightly controlling his vast empire via his iPhone, working long hours and drinking 20 shots of coffee a day – although he finds time to vacation in the Maldives with his wife and four children and Dubai.

Mr Molding also appears determined to maintain his connections with the north, rarely out on business and encouraging potential investors to visit him in Manchester.

On a typical day, he wakes up at 6 a.m. and checks his messages on his iPhone before starting work at 7 a.m.

He takes a morning break to hit the gym – without missing a workout day for several years.

Mr. Molding has two 30-minute meetings throughout the day and is provided with coffee before he comes home to his children.

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