Andy Bell sells £28m of shares in company he founded
Andy Bell has sold £28 million worth of shares in the financial advice business he set up in 1995.
The sale of 7,500,000 ordinary shares in AJ Bell PLC were at a price of 375 pence per share through broker Deutsche Numis.
Following the sale Andy Bell will hold 77,305,271 ordinary shares in AJ Bell, representing approximately 18.7% of the Company’s issued share capital.
Yesterday was a good time to sell as the business announced it had increased revenue by 27% in the first half of its financial year to £131m with pre-tax profits growing by 47% to £61.4m.
Analysts from Panmure Gordon said the results out performed their expectations: “The doors were properly blown off. The company continues to reinvest in its proposition, so the H1 performance does not annualise but then the bear arguments do not hold either, and there is a new capital policy to consider with the prospect of either special dividends or buy backs. It is a tough day for the non-believers.”
Often hailed as a DIY investment pioneer he co-founded A J Bell in 1995 since then it has grown into one of the largest providers of low-cost investment and stockbroker services in the UK.
His current business interests include chairing Applied Nutrition which is planning a stock market float and supporting the funding of the new Everton stadium.
The remainder of his AJ Bell shares will now be subject to a lock-up which ends in 90 days time.
