Smith raises £7.1m in Collins Stewart sale

Having announced his retirement as deputy chairman less than two weeks ago, Terry Smith did not waste much time before selling his entire beneficial holding of 8.93m shares in stockbroking firm Collins Stewart.

Smith, who will quite the board of Collins Stewart to focus on his role as chief executive officer at inter-dealer broker Tullett Prebon sold his shares at 80p a pop, enabling him to trouser more than £7.1m.

Smith will give up his seat on Collins Stewart's board on 6 December, ending an 18-year association with the firm.

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Tim Ingram, chairman of Collins Stewart, said: "Terry Smith has been synonymous with Collins Stewart for many years and has been hugely influential in the development of the company and the creation of shareholder value."

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