Lansdown sells £58m share stake

Stephen Lansdown, the co-founder of the stockbroker and wealth manager Hargreaves Lansdown, raised £58m yesterday by selling a 2.86 per cent stake in the company.

Mr Lansdown, who last month resigned as chief executive to take a non-executive role on broker's board, sold 13.5 million shares at 429p. He 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," he said. "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."

In April last year, Lansdown sold 23 million shares for £47m, in part to help finance the building of a new stadium for Bristol City, the football club that he chairs. He also moved to Guersney in the spring to avoid the 50p tax rate.

Hargreaves Lansdown shares fell 4 per cent to 20.2p yesterday.