Belvoir founder and chairman Mike Goddard has sold over a million of his shares worth a total of £989,700, leaving him with a further 4.5 million shares or 12.9% of the company’s stock.
Goddard stood down as CEO of his company last year, making way for former Chief Operating Officer Dorian Gonsalves.
His cash-out is part of a complicated deal to pay the founders and senior management of Northwood two years after the business was sold to Belvoir for £22 million.
That deal included a two-year earn-out and now that his has passed, they are together due £3.959 million.
Although City investors in Belvoir were keen that they were paid in cash, instead they will collectively receive a 25% stake in Belvoir in shares including those released by Goddard, with the rest paid in cash.
Those included in the arrangement are Andy Goodson, who founded Northwood in 1995 and his daughter Gemma (left), who joined the business the year after and who were one of the key backers of SafeAgent, the industry’s attempt at self-regulation.
Between them they receive the lion’s share of the shares, alongside now Belvoir MD Eric Walker, Northwood MD Philip Gee, Victoria Alexander and Nicholas Harris. Alexander and Harris no longer work for either company, both resigning as directors of Northwood GB Ltd in 2016 and 2013 respectively.
Belvoir has also announced that Dorian Gonsalves, who was due to option some 163,400 shares this month, is to wait another two years before he can sell the shares.