The Hut Group appoints Richard Pennycook as Non-Executive Director
The Hut Group Limited (‘The Hut’ or ‘the Group’), one of Europe’s fastest growing online retailers and brand owners, is pleased to announce that Richard Pennycook has been appointed to the Board as a Non-Executive Director with immediate effect.
Richard is currently Group Finance Director of WM Morrison Supermarkets PLC (‘Morrisons’) and his vast range of retail experience as both CEO and CFO is highly complementary to the Group. Earlier this year Richard announced he would leave Morrisons at the end of June 2013 to concentrate on building a portfolio career.
Angus Monro, Chairman of The Hut Group, said: “We are thrilled that Richard is joining our Board. He is one of the most respected retailers in the UK and his wealth of experience will be invaluable as we continue to build the Group into a major global ecommerce player.”
Richard Pennycook commented: “I have built a close relationship with Matt, John and the team for a number of years and I have been very impressed with the progress and growth which they continue to deliver. The Group operates a compelling and disruptive business model with tremendous growth opportunities. I am delighted to become part of such an enthusiastic, skilled and professional team and look forward to contributing to The Hut’s future development.”
A chartered accountant and graduate of Bristol University, Richard joined the Board of Morrisons as Group Finance Director in October 2005 with responsibility for finance, IT, strategy and multichannel development. Prior to joining Morrisons, Richard was the Group Finance Director of RAC Plc, the quoted specialist motoring and vehicle management company. Previous senior roles include Group Finance Director of HP Bulmer Holdings Plc, Laura Ashley Plc and JD Wetherspoon Plc and Chief Executive of Welcome Break Holdings Plc. He is also Senior Independent Director and Chairman of the Audit Committee of Persimmon Plc.
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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