Renold chief exec spends £11,750

Bob Davies, the chief executive of Renold, has splashed out £11,750 in the industrial chain maker only days after the group axed 350 jobs.

Davies bought 50,000 shares for 23.5p each, taking his holding to 254,000.

Last Friday, Renold said it has cut approximately 12% of its workforce after a downturn in orders in the last quarter of the year.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

"The decline in order intake, particularly with regard to short-term business, means an accurate view of the effect on the year is not currently possible although the board believes that pre-exceptional operating profit for the year will be not less than £10m (2008: £12m)," it said.

Top Director Buys

Value: $2,992,000

Value: £77,767

Value: £11,750

Top Director Sells

Value: £60,000