Departing chief executive in £3.7m share sale

Martin Bennett, CEO, HomeServe UK

The chief executive of HomeServe UK has sold shares worth £3.73m just a day after his departure was announced.

Martin Bennett will step down from HomeServe’s board at its AGM in July and will leave the business later this year.

HomeServe’s share price has risen by 17% in the last fortnight, setting a new all-time high. Its share price has been on an upward trend for the last six years, reflecting the growth of the business.

The share sale reduced Bennett’s holdings by three-quarters and he still holds 129,000 shares.

Earlier this week the Walsall-based group revealed annual revenues had reached £900m while profits, as measured by EBITDA, jumped 28% to £197.6m in the year to March 2018.

Announcing Bennett’s departure, HomeServe chairman Barry Gibson said: “Martin has made an outstanding contribution to HomeServe over the last 15 years, and in particular since his appointment to the board in 2009, first as chief financial officer and latterly as UK CEO.

“Our recent reorganisation to create four global business lines gave Martin the opportunity to consider his next move, and we respect his decision to move on. We all wish him well for the future.”

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