SHARES in Ted Baker fell by almost three per cent yesterday after founder and chief executive Ray Kelvin sold £20.4m of his majority stake in the fashion retailer.
Kelvin sold 1.2m shares at £17 per share through a placing arranged by Espirito Santo.
The sale reduced his interest in the retailer by 2.82 per cent to 36 per cent.
A Ted Baker spokesperson said Kelvin had sold his shares for “personal reasons” and said he remained committed to the company.
When asked what he would use the cash for, the fly-fishing enthusiast joked that he would buy himself a new fishing rod.
Kelvin founded Ted Baker in 1988 in Glasgow originally as a men’s shirts retailer.
The FTSE 250 company’s shares have rocketed in the past year and hit a record high of £18 last week after posting a 33 per cent jump in sales.