Departed chief executive may have netted £2.4m from sale

Arron Banks

Former Brightside chief executive Arron Banks (pictured) has cut his shareholding in the broker to 12.9%, from 15.2%.

Banks sold 10.6 million Brightside shares, taking his holding to 58.9 million shares, from 69.5 million.

It is unclear when Banks sold the shares, but if he disposed of them at yesterday’s closing price of 22.18p, the sale would have netted him about £2.4m.

Banks stepped down as Brightside’s chief executive in June last year with a plan to buy the broker with private equity backing and delist it from the stock market. Brightside is currently listed on the London Stock Exchange’s Alternative Investment Market.

Brightside is currently run by Martyn Holman.