Rolls Royce suffers fresh blow as Buxton sells shares

Follows Woodford's decision to sell

Industrial giant Rolls Royce has suffered another blow, after prominent fund manager Richard Buxton withdrew his investment in the stock.

Buxton (pictured), who has been a long-standing investor in the company, told The Sunday Telegraph he has decided to sell his 3% holding last month, after the firm issued its fifth profit warning in less than two years. His actions follow a similar move by Neil Woodford, who also sold a 2.3% stake in the beleaguered business following the news. Buxton, chief executive of Old Mutual Global Investors, told the paper he had to "bail out" as the "revelations" made in the latest statement suggested the firm's executives do not know the direction the business is taking. He said: "It was ...