CEO sells third of Safestyle stake

The chief executive of window and door manufacturer Safestyle has sold 1.4m shares in the company for “personal financial reasons”.

The Bradford-based company said Steve Birmingham “remains fully committed to the company”.

He has agreed to not directly or indirectly dispose or agree to sell any remaining shares for a period of 24 months without the prior written consent Safestyle’s brokers.

The shares were sold at 160 pence each, and leaves Birmingham with a 3.4% stake, or 2.m shares.

Shares in Safestyle are currently up 3.4% at 165.50p on Monday.

The company hit the headlines last week after announcing that it expects trading conditions next year to remain “very challenging” after warning that sales for the final quarter of 2017 will be below its “already reduced” expectations.

However, Safestyle said the completion of a major capital investment programme leaves the business “very well invested for future trading and any upturn in demand.”