Mike Goddard, the founder and former chairman of franchising giant Belvoir has applied to sell two million of the 4.39 million shares he still holds in the company.
His sale of the shares will be at ‘no less’ than £1.05p per share but at the moment the company’s stock is being traded at £1.12p.
Therefore the 70-year-old will realise cash from the sale of between approximately £2.1 million and £2.24 million, reducing his shareholding in the company from 12.6% to 5.7% of its issued share capital.
Back in May Goddard, who is also a director of The Property Ombudsman and a former chairman of the British Franchising Association, stepped down as chairman of Belvoir after nearly 25 years, and was replaced by Michael Stoop (left).
In December last year Goddard gave himself a well-earned Christmas present after he sold shares worth £989,700.
Both today’s news and the December share sale are part of a complicated deal struck following the purchase of Northwood which required the directors involved to wait two years before realising any shares.
Belvoir was set up by Goddard and his wife in 1995 after he left the RAF as a Wing Commander and it initially grew through franchising using its own brand, but later also through acquisition. As well as its own 174 offices it also operates 90 Northwood and 36 Newton Fallowell branches.