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.
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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.
Shares in THG recently reached a record low after two potential buyers walked away.
Two investment companies behind a potential £2.07bn takeover bid of THG confirmed in June that they will not make a formal offer for the company.
It was later confirmed that Nick Candy, the property tycoon who was recently involved in a bid to buy Chelsea FC, had also pulled out of a move to takeover THG.
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