STEPHEN Lansdown, co-founder of financial advisory firm Hargreaves Lansdown, raised £58m yesterday by selling a 2.86 per cent stake in the company.
Lansdown, who sits on the Hargreaves Lansdown board as a non-executive director and founded the firm almost 30 years ago, sold 13.5m shares at 429p, reducing his personal stake to 20.1 per cent, the company said.
Lansdown, who is chairman of Bristol City FC, said the sale was aimed at raising cash for other unspecified investment opportunities.
“The recent share strength backed by strong institutional demand presented an opportunity to trim my holding and free up cash for other ventures. The sale reduces my
holding to approximately 20 per cent of the company, not an insignificant amount, and I remain a long term investor in Hargreaves Lansdown,” he said.
In April last year, Lansdown sold 23m shares for £47m, in part to help finance the building of a new stadium for Bristol City.
Hargreaves Lansdown, having initially fallen as much as eight per cent, pared their losses to close four per cent lower at 452p.