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Belvoir founder cashes in 1.7m shares – with some snapped up by directors

ON THE MARKET

The founder of franchise business Belvoir has sold £1.7m in shares at £1 each, shortly after stepping down as CEO.

Mike Goddard, who founded Belvoir with his wife Stephanie in 1995, placed 1.7m shares – around 4.9% of the business’s total issued capital – to meet demand from institutional investors.

Following the sale Goddard, who remains Belvoir’s chairman, still owns over 5.6m shares in Belvoir, or around 16% of the business. He cannot sell any more shares for 12 months.

The company, which acquired Northwood last year, is now led by Belvoir stalwart Dorian Gonsalves.

Gonsalves bought 15,000 of the shares, bringing his holding to 463,595 in total, or about 1.3% of the business.

Chief financial officer Louise George bought 10,000 shares, taking her holding to 45,107 shares, a 0.1% stake.

Shares in Belvoir, which trade on AIM, were unchanged on Friday, to finish at 106p. The business has a market capitalisation of £37m.

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Source:: Belvoir founder cashes in 1.7m shares – with some snapped up by directors