Stephen Lansdown raises £58m after cutting Hargreaves stake

Stephen Lansdown, co-founder of wealth manager Hargreaves Lansdown, today sold a near 3% stake in the business, raising some £58m.

Non-executive director Lansdown sold 13.5 million shares at 429p each, reducing his personal stake in the group to 20.1%. The stock was 5.2% lower at 446.4 pence by early afternoon, making it the third-biggest faller in the FTSE Mid-250 index. In April 2009, Lansdown sold 23 million shares in the company he co-founded with Peter Hargreaves for £47m. That sale is helping to finance the building of a new stadium for Bristol City Football Club, where he is chair.