// Dunelm deputy chair Will Adderley to offload stake in business worth £211m
// Dunelm said Adderley remained “committed” to the company
// He will still hold 37.8% of the total shares in the business
Dunelm deputy chair Will Adderley is selling a £211 million stake in the business to “broaden his investment portfolio”.
Adderley – son of Dunelm’s founders Bill and Jean Adderley – has twice been chief executive at the business and is now selling 15 million shares.
Despite the share sale, Dunelm said Adderley remained “committed” to the company and with “persons closely associated with him”.
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The homewares retailer said the combined Adderley family would still have around 87.3 million shares in the company, or about 43.2 per cent.
He will still hold 37.8 per cent of the total shares in the business.
The placing is being handled by Barclays and Goldman Sachs.
Dunelm said the shares being sold were held by WA Capital Limited – a company controlled by Adderley and his wife Nadine.
Adderley is selling the shares to broaden his investment portfolio, having last sold shares in Dunelm in April 2016.
Dunelm said WA Capital had made an undertaking that, following completion of the placing, it would not dispose of further shares in the company for a period of at least 90 days, subject to certain exceptions.
At the current market rate of £14.08, the shares would be worth £211.2 million.
“Will Adderley remains fully committed to Dunelm in his role as deputy chairman as well as a very substantial shareholder in the company and his working relationship with the company is unchanged,” Dunelm said.
Over the last three weeks, the share price has risen steadily from around £11.40 to £14.08.
The company has a market value of around £2.85 billion.