Dunelm founding family sell shares to institutions

Dunelm's deputy chairman Will Adderley, son of founder Bill, has sold 4% of the home furnishing retailer's shares just weeks after its solid third-quarter results.

Adderley sold 8m shares to institutional investors in a placing managed by UBS and Stifel Nicolaus Europe.

A statement from Dunelm said Adderley "remains fully committed to Dunelm in his role as deputy chairman as well as remaining a very substantial shareholder in the company", pointing to his and his wife's holding 27.4% and the wider family 51.2% of the group's shares.

Dunelm also purchased 750,000 of his shares for transfer into treasury with the intention of re-issuing them to satisfy employee share based award obligations that arise in the future.

Under the terms of the placing agreement, Adderley agreed not to dispose of further shares in the company for a period of at least six months.

The share price was down 3.2% to 923.5p by 0930 BST on Wednesday.