Shares in discount greetings chain Card Factory slumped eight per cent to 329p per share this morning, after bosses sold shares amounting to 4.3 per cent of the company.
The Wakefield-based retailer said senior management had sold off 14.8m shares at 330p per share, making the total placing worth £48.84m.
Its chief exec Richard Hayes sold £9.6m worth of shares, leaving him with a 3.4 per cent stake in the company. Meanwhile, chief financial officer Darren Bryant sold £4.68m worth of shares reducing his stake to 1.7 per cent.
The remaining shares were sold by other directors and members of its senior management team.
Although its share price fell, it was still trading above its initial public offering price of 224p per share.
Card Factory made its market debut in May last year, as a flurry of flotations led to the market cooling slightly.
It recently posted figures showing sales rose 7.5 per cent in the first quarter of this year on the roll-out of new stores, as well as strong growth from its Getting Personal gift website.