The Hut Group appoints Richard Pennycook as Chairman
The Hut Group Limited (“The Hut” or the “Group”), one of Europe’s fastest growing online retailers and brand owners, is pleased to announce the appointment of Richard Pennycook to the position of Non-Executive Chairman with effect from 1 April 2013. The appointment coincides with Angus Monro’s completion of his term as Chairman. Angus will remain a Non-Executive Director of the Group.
Richard joined as an Independent Non-Executive Director in October 2012. A chartered accountant and graduate of Bristol University, Richard is currently the Group Finance Director of WM Morrison Supermarkets Plc (“Morrisons”) with responsibility for finance, IT, strategy and multichannel development. Whilst at Morrisons, Richard was responsible for the acquisition of Kiddicare and the Group’s investment in Fresh Direct in New York. Richard will leave Morrisons at the end of June 2013.
Richard’s previous senior roles include Group Finance Director of RAC Plc, HP Bulmer Holdings Plc, Laura Ashley Plc and JD Wetherspoon Plc as well as Chief Executive of Welcome Break Holdings Plc. He is currently Senior Independent Director and Chairman of the Audit Committee of Persimmon Plc.
Matthew Moulding commented: “It has been a real privilege to spend the last 3 years working closely with and learning from Angus. During this time Angus has guided us through a period of transformational growth, broadening the Group’s expertise to create best in class product offerings in high value, repeat purchase consumer segments, all underpinned by our proprietary Data and Technology platform. I’m delighted that Angus will be continuing his involvement with the Group in his role as a Non-Executive Director.”
Angus Monro commented: “It has been an honour and a pleasure to lead the Board. This is an exceptional company with exceptional prospects. I am delighted that I am handing over the role of Chairman to Richard, who has brought both energy and invaluable insight in his role as an Independent Non-Executive Director. His extensive public and private company retail experience is a considerable asset to the Group. Finally, I would like to thank my fellow Board members, the management and the wider Hut Group team for their commitment and support.”
Richard Pennycook commented: “Angus has led the Board with distinction during the past three years and I am looking forward greatly to continuing to work with him and the rest of the Board in the role of Chairman. I am excited by the prospect of leading the business through the next phase of significant growth.”
Enquiries: Hudson Sandler, Andrew Leach & Alex Brennan
Tel: 0207 796 4133
Notes to Editors
About The Hut Group
The Hut Group is a ‘multi-category, multi-website’ specialist on-line retailer and brand owner, selling high repeat purchase goods direct to consumers across the sports nutrition; health and beauty; entertainment; gifting; clothing and accessories markets. In June 2011, the Group launched a new division (Technology Services), focused on the provision of business to business software and ecommerce platform services.
The Hut Group launched its first website in 2004 and now operates 15 individually branded websites across product categories which share specific defining characteristics: non-perishable, high repeat purchase, one-man delivery and low levels of customer returned products.
The Hut Group operates 3 ecommerce divisions:
- Lifestyle: including www.Myprotein.com and www.Myvitamins.com
- Prestige: including www.Lookfantastic.com, www.Mankind.co.uk and www.HQHair.com
- Consumer: including www.TheHut.com, www.Zavvi.com, www.Iwantoneofthose.com, www.Allsole.com and www.MyBag.com
The Group’s ‘multi-category, multi-website’ ecommerce model is an evolution to the traditional ‘single’ site ecommerce model, enabling the Group to showcase branded products in bespoke retail environments, as required both by the brands and informed consumers.
The Group’s proprietary technology platform is central to the business model. The platform functionality ranges from the presentational layer through to all back office functions including an in-house data centre, whilst also generating in-depth consumer behavioural insight. The technology platform facilitates highly effective data-driven retailing, manifesting as optimised website content and bespoke marketing content generating high levels of consumer loyalty and cross-selling.
In 2009, The Hut Group was ranked no.1 in the ‘Sunday Times Tech Track 100 of the UK’s fastest growing companies’ and ranked the 3rd fastest growing digital company in Europe at the ‘GP Bullhound Media Momentum Awards’ in May 2010.
For further information, please visit www.www.thg.com
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