Birmingham, England, July 16—After the initial public offering of Floors 2 Go earlier this year the founding family has cashed in the last of their shares, according to icbirmingham.com.
Robert, Richard and Lisa Hodges and Robert Williams sold their remaining 13 per cent stake in the Birmingham company earlier this week, following its listing on the Alternative Investment Market in April.
Their holdings totalled 17,020,000 shares, at 55 pence each - netting a further £9.3 million, ($17.3 million) on top of the proceeds from the initial listing, which saw the company change its base from Manchester and its name from Smart Motive.
Floors 2 Go, which lays claim to being the UK's largest specialist multi-site retailer of hardwood engineered and laminate flooring products, agreed on Wednesday to allow the sale to satisfy strong institutional demand. The share price has lifted from 48 pence since the floatation.
Simon Farnsworth, chief executive of Floors 2 Go, said: "It is extremely encouraging that major blue chip institutions have taken such an active role in becoming new shareholders in Floors 2 Go."
The disposals were made through Numis Securities, the company's broker, and in accordance with the terms of lock-in arrangements entered into by the founding quartet.
