Founder of Ewloe based Moneysupermarket.com pockets £56m in latest share sale.

Shares in Moneysupermarket.com the Deeside based financial service provider have taken a hit today, Tuesday 19 May, they dipped over 7%  however by 11am they had started to rally.

The slidde followed news that co-founder  Simon Nixon has sold 20m shares at 280p per share, around 3.7% of the company.

Credit Suisse announced yesterday Mr Nixon intended to sell between 15 – 20 million ordinary shares, today the company confirmed it had placed 20 million shares on behalf of the Entrepreneur.

Nixon will remain on the board and retains a 12.8% stake in the company.

The sale is worth £56m and comes just months after he abandoned plans to sell 6.4% of the company.

An earlier planned sale of £100m worth of shares by Nixon was shelved just a day after it being announced to the city back in March.

Speculation in the city and by some financial commentators at the time suggested Mr Nixon may not have been able to achieve the desired price for the shares.

Nixon has to date sold £400m of shares since the company was floated on the stock market in 2007, he is now subject to a 180 day ‘lock up’ on his remaining.

Feature Image: stantonphotographic.com