Peter Hargreaves, a self-employed billionaire co-founder of Hargreaves Lansdown, is cashing in a £ 300m stake in the investment firm FTSE 100 he founded.
The company confirmed that Hargreaves, who started the broker with Stephen Lansdown from a spare bedroom in Bristol in 1981, sold £ 300 million of shares through placements with institutional investors.
The 74-year-old entrepreneur is Hargreaves Lansdown’s largest shareholder with a nearly 24% stake worth nearly £ 1.9 billion. The planned sale of shares amounts to approximately one sixth of its share.
Last year, Hargreaves landed a snail stock worth £ 580 million. At the time, he said it was “long-term financial planning to diversify my assets” and would continue to be a “significant” shareholder in the investment platform.
In the news, the stock closed 1% at £ 16.53. The stock has recovered from last year’s low of £ 12.77, but is still well below the 2019 high, when they changed owners by £ 24.19.
Hargreaves wasn’t the only company to sell shares on Tuesday, and Will Adderley, a family member of Dunelm’s founder, sold nearly £ 200 million worth of shares in the curtain and pillow chain. His mother and father started Dunelm from a Leicester store in 1979.
Adderley sold 15 million shares at a price of £ 12.80, raising £ 192 million. It still retains nearly 18% ownership, and the family as a whole still speaks for 43%. With the British stuck at home, money flowed into home furnishings, which increased the company to £ 2.6 billion. The sale weighed on shares, which closed nearly 7% at £ 13.12.
Hargreaves is a divided figure, while while he planned to pay taxes in the UK – and gave £ 100 million to charity last year – many cannot forgive his policies.
In 2016, he made the largest single donation to the Brexit campaign, donating £ 3.2 million to the Leave.EU group. The money helped pay for an anti-European postal message to one of the country’s three homes.
Hargreaves stood by that decision. He said last year: “I have no regrets about my Brexit donation. I firmly believe that we will be better than the EU. “
He added: “It is right that the money enabled the campaign to leave to have as much of a shout as the campaign to stay. Remember, what they had was massive – they wanted Obama and the Bank of England to stay. It was not balanced at all. “
He also gave a million pounds to the Conservatives for the election war box, despite once labeling Boris Johnson a “bugono”. “That donation was more against Corbyn than for Tory,” he said. “He would turn this country into Venezuela.”