Stephen Lansdown sells £58 million stake in Hargreaves Lansdown

Hargreaves Lansdown co-founder Stephen Lansdown has sold over £58 million worth of shares in the Bristol-based wealth manager.

Landsdown sold 13,560,843 shares in the firm at a price of 429p per share, equating to 2.86% stake worth £58.2 million. The transaction reduces his interest in the group to 20.1%.

The disclosure comes after he resigned as an executive director at the firm on 27 August, taking a less time consuming non-executive position to free up time to purse his other interests.

Back in April Lansdown sold 23 million shares in the firm to fund a number of private projects, including the building of a new stadium for the football club he chairs, Bristol City.

At 12.45pm shares in Hargreaves Lansdown were tracking the market lower, down 28.1p, or 6% at 443p.