In 2003 Matt Moulding bought a CD on line and thought to himself, this is a cool way to buy music. The idea of The Hut, an on line e-commerce business was born. As the business plan developed, the initial funding requirement was determined at £1million. But this was 2003, the dot.com boom and bust had left a bitter legacy. Private Equity and Venture Capital funds were no longer enthralled by e-commerce and bedazzled by burn rates. The Bank of 3fs, founders, family and friends would have to meet the first round cash requirement and they did. The Hut group was founded in March 2004 by John Gallemore and Matthew Moulding. Five years later in 2009, The Hut group had revenues of £50 million, employed 250 people and had secured three rounds of funding.
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