The Hut Group has come under fire from the banks that shared £35m in fees just over a month ago for advising it on its stock market float.
JPMorgan and Goldman Sachs are among those to have raised concerns over potential governance issues surrounding the ecommerce retailer.
Talking the talk: The Hut Group boss Matt Moulding with Prime minister Boris Johnson
Critics say the board is packed with allies of founder Matt Moulding, and he has wide-ranging powers as executive chairman.
JPMorgan Cazenove said corporate governance was the number one ‘key risk’, while Barclays said ‘governance factors’ is something it is ‘monitoring closely’.
Jefferies said the lack of an independent chairman was ‘not consistent with UK Governance Code requirements’.
Goldman Sachs said Moulding’s position as landlord was one of six ‘key downside risks’ that undermine the share price.
The Hut were contacted for comment.