Michael Spencer sells Numis stake

Michael Spencer, one of the City's richest men, has sold most of his stake in Numis and is stepping down from the board just 8 weeks after admitting using Numis shares to guarantee a bank loan.

IPGL Limited, of which Spencer, his wife and their children's trusts own 55.1%, has offloaded its entire holding of 13.1m shares, or 12.2% of the company, at 120p each.

The sales of shares, placed with a number of institutional investors, bagged the Conservative party treasurer and founder and chief executive of interdealer broker ICAP, about £15.7m.

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"It has been amazing to be part of Numis over the last five years," said Spencer, who will remain chairman of Numis until a successor is appointed.

Spencer, who made his decision in order to "focus on his other business interests", is left with a personal holding of just 20,000 shares.

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