Hut Group axes nearly 200 staff after billionaire boss brags about humility in leadership
THE HUT GROUP has made 180 staff redundant just days after its billionaire boss Matt Moulding took to social media to jabber on about humility in leadership.
The e-commerce retailer came to market in a £5.4billion listing on the back of rampant online growth but has since lost 90 per cent of valuation after setbacks.
THG’s workforce had ballooned to more than 8,000.
It said the job cuts followed the conclusion of a “strategic review” into one of its slow-growth divisions, On Demand, which includes online music retailer Zavvi.
THG is also planning job cuts in its Studios business, despite Mr Moulding recently showing off a deal with Gary Neville to film episodes for the footie pundit’s The Overlap show in THG’s photo and film studios.
A spokesman said: “We are currently consulting with impacted colleagues and will take steps to minimise the number of redundancies.”
Matt Moulding said in a recent Instagram post: “Too many people change as their careers progress.
“Egos grow and self-appreciation spirals out of control. Confidence is a great quality, but arrogance is ugly, especially to team members.”
And in a swipe at the City, Mr Moulding added: “The way we’ve been treated since joining the LSE has done nothing but add to our insatiable fighting experience.”
THG is now valued at just £844.8million.
Its shares rose by 1.32p yesterday on the back of a new tech tie-up with the online retailer behind Fragrance Direct.
Buying & Shelling
SHELL expects to make even more money from trading volatile commodity prices this year than it predicted.
The oil giant, which made a record £33billion profit last year, said its liquefied natural gas trading arm is exceeding expectations.
The guidance could add around $1billion (£800million) to its earnings.
However, adjusted losses in the first three months of the year may leap from £481million to £962million as a result of a £2.7billion windfall tax bill.
Chess’s £42m pawn brokers
THE biggest organiser of chess tournaments has cashed in on a popularity boost from Netflix series The Queen’s Gambit, starring Anya Taylor-Joy, with a stock market listing of £41.7million.
WORLD CHESS has been one of the few companies to brave a London listing this year and has been plotting to float since the autumn.
It has raised £3million from selling its shares to investors to help fund its growth strategy and build more of an online presence.
Chief exec Ilya Merenzon said: “The number of players and spectators of the sport is growing and, with this, new commercial opportunities are opening up.”
The World Chess Championship starts today, without No1 player Magnus Carlsen.
He last year accused rival Hans Niemann of using a vibrating sex aid to cheat.
TUI's rising sun
HOLIDAY bookings over Easter are close to pre-Covid levels, according to package holiday operator TUI GROUP.
All-inclusive trips are in demand, with Turkey, the Balearics, Spain and Egypt the most popular destinations.
TUI said that more than 500,000 customers had booked a holiday over Easter.
Its chief executive Sebastian Ebel said “strong demand for Easter holidays are a healthy signal for the upcoming summer”.
Shares in TUI soared almost 12 per cent to 624p.
Glove ‘N’ hugs for Ted’s ray
TED Baker founder Ray Kelvin, who quit after a “forced hugging” scandal, has made his first retail investment since his old fashion chain was sold.
The avid flyfisher is now a director of outdoor clothing firm SealSkinz, which specialises in waterproof gloves.
Kelvin set up Ted Baker with one shop in 1998 and was one of the industry’s most colourful characters, with a quirk of covering his face with various items in promotional shots.
But his reputation nosedived in 2019, as more than 200 staff complained of inappropriate comments, touching and cuddles in the office.
After Kelvin’s departure, Ted Baker suffered a series of profit warnings and accounting errors were discovered.
It was sold to US firm Authentic Brands, owner of Reebok, for £211million last year, having lost 90 per cent of its value since he left.
SealSkinz had sales of £12.8million last year and an operating profit of £862,000.
Row of houses
TWO of Britain’s biggest mortgage providers are at odds again over house prices.
Halifax yesterday reported a rise in house prices of 0.8 per cent in March — the third monthly rise in a row, it said.
But less than a week ago rival mortgage provider Nationwide reported that house prices had fallen at the sharpest pace since 2009.
Economists agree that the housing market hasn’t suffered as much of a crash as at first feared.
Some gloomily predicted prices would fall by 15 per cent this year.