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Lansdown pockets £53m from Hargreaves share sale

Lansdown pockets £53m from Hargreaves share sale

Hargreaves Lansdown co-founder Stephen Lansdown has pocketed £53 million after selling 5.5 million shares in the discount broker.

Lansdown still has 90 million shares in the Bristol-based company which represents a 19% stake.

Hargreaves Lansdown shares were priced at £9.60 per share at the time Lansdown's selloff was announced giving him £52,800,000.

In October 2010 Lansdown sold over £58 million worth of shares in the company after he resigned as an executive director to become a non-executive director.

Earlier this week he was ranked 95th on the Sunday Times Rich List, up from 152nd place the year before as his wealth increased from £549 million to £900 million.

Lansdown left Hargreaves Lansdown's board in November 2012 after founding the company with Peter Hargreaves in 1981. He was chairman of the group before becoming a non-executive director in 2010.

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