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Moulding’s many hats — and pies
SOLOMON HUGHES looks at the dodgy doings of online retailer the Hut Group — and its boss’s unsurprising political donations

IN JANUARY the Financial Reporting Council — the regulator in charge of corporate governance — said that too many firms are only “paying lip service” to the standards supposed to ensure good management of corporations.

But the government is unlikely to fulfil its regular promises to tighten up these regulations when its big donors seem to play fast and loose with the rules: this month online beauty retailer the Hut Group raised £1.9 billion in the biggest tech-related flotation on the Stock Exchange since 2015.

There are obvious “red flags” over how the firm is managed: Matthew Moulding founded the Hut Group in 2004 selling tax-free CDs online. It has grown into an e-commerce success, selling beauty and other products direct to consumers and providing commerce websites for other companies.

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