THE FOUNDING families of St Modwen Properties sold around £31m worth of shares in the company, sending shares down almost three per cent yesterday.
The company said members of the Clarke family and the Leavesley family have sold 8.2m shares at 380p per share. The shares account for 3.75 per cent of the company.
The sale leaves the Clarke Family with a 8.43 per cent stake and the Leavesley Family with 7.26 per cent.
The late Sir Stanley Clarke founded the building business with his brother-in-law Jim Leavesley in 1966, which was then known as Clarke Quality Homes.
Clarke’s son Simon will retain a 1.41 per cent stake after selling 1.5m shares.