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Stephen Lansdown sells £190m Hargreaves stake

Hargreaves Lansdown co-founder sells big chunk of stake in the online stockbroker.

 
Stephen Lansdown sells £190m Hargreaves stake

Hargreaves Lansdown (HRGV) co-founder Stephen Lansdown has sold a £190 million stake in the online stockbroker business. 

Lansdown sold 13 million shares in the business in a book build launched last night.

That represents a stake worth £191.4 million at today's closing price of £14.73.

The sale has taken Lansdown's holding in the business from 15% of the shares to 12.3% of the business.

Lansdown, who co-founded the online stock broker with Peter Hargreaves, has been trimming his stake in the business in recent years, selling £200 million worth of shares in 2014 and £58 million in 2010.

But he remains the second largest investor in the business, with the third, fund group BlackRock, holding 6% of the shares.

Peter Hargreaves is the largest shareholder, holding 32.2% of the shares.

Shares in the online stockbroker fell to the bottom of the FTSE 100 today, down 1.6% at £14.73.

Lansdown stood down as an executive director of Hargreaves Lansdown in 2010 before leaving a non-executive position in 2012.

He has continued to play an active role in financial services, backing Guernsey-based fund firm Ravenscroft, which earlier this year opened two of its funds to UK investors

Peter Hargreaves and Stephen Lansdown's stakes in the online stockbroking business they founded have made them among the wealthiest men in Britain.

Hargreaves' wealth was estimated at £2.3 billion in this year's Sunday Times Rich List, with Lansdown's assets estimated at £1.5 billion.

2 comments so far. Why not have your say?

Franco

Sep 29, 2017 at 20:11

I shall be waiting until Crispin Odey begins shorting HL and then start buying.

report this

The0

Sep 30, 2017 at 18:01

Good idea, Franco.

report this

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