One of the richest men in Manchester is set to complete the donation of millions of pounds to charitable causes in the city.
Matthew Moulding, who is the chief executive of retail and software giant THG, will donate a total of £5m to Seashell Trust, a campus for children with complex needs in Stockport, and £3.5m to projects addressing homelessness in Manchester.
In order to complete the move, the CEO's FIC Shareco Ltd bought more than three million shares at a price of 82.44p from The Moulding Foundation. READ MORE: Click here to sign up to the BusinessLive North West newsletter Mr Moulding and FIC Shareco have also pledged to donate any future profit made on the shares, which were worth a total of £2.5m when they were purchased, to the foundation.
The move comes after the CEO pledged to donate £100m of shares to charity. Earlier this year it was revealed that Mr Moulding and his wife Jodie have seen their fortune plummet to £700m from £2.1bn a year ago, according to the latest Sunday Times Rich List.
Read more on manchestereveningnews.co.uk