The co-founder of Hargreaves Lansdown, one of the UK’s largest financial services firms, has announced he is selling £300m worth of shares in the company.
Peter Hargreaves, the largest shareholder in the firm he set up in 1981, will sell the shares through an accelerated bookbuild offering to institutional investors.
Barclays, which is acting as one of the joint bookrunners for the sale, said that size and price of the offering would be determined after books have closed.
One of the City’s best-known figures, last year Hargreaves’ personal wealth was estimated at £2.4bn by the Sunday Times.
In August it was announced that he would receive £63.4m in dividend payouts after the firm’s profits jumped a quarter.