Julian Dunkerton, the founder of fashion giant Supergroup, has sold a £53m+ minority stake in Superdry in an effort to fund his divorce settlement.
Dunkerton is selling 4m shares but will be left with a 27% stake worth £292m. The shares will be placed with institutional investors and according to a statement released to the Stock Exchange, books will likely close on Friday afternoon.
The FTSE-250 company floated on the stock market in 2010 at a value of £1.2bn and Dunkerton stepped down as Superdry‘s CEO in 2014 to focus exclusively on product and branding.
Dunkerton made £80m from the listing and even after cashing in on shares, he still holds a 27.2% stake and the title of the largest shareholder in the company.
He created business 30 years ago but established Superdry in 2005 with designer James Holder, founder of fashion brand Bench.
In 2013 Holder made a similar move and offloaded £20m worth of SuperGroup shares to help with his own divorce.