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Lord Harris sells £13m of Carpetright shares

CarpetrightrugCarpetright chairman Lord Harris has sold almost £13m worth of shares in the flooring and beds retailer.

The sale, mainly to Phoenix Asset Management, sees the Harris family reduce its holding from 19% to 15%, and prompted speculation that the family was preparing to end its links with the retailer.
After the sale was announced shares dropped by 6.75p to £4.4325. A year ago Carpetright's share price was £6.91.
Although the Harris family made no comment on the sale, John Stevenson, retail analyst at Peel Hunt, Carpetright's house broker said: 'From the chairman's perspective, there are certain times of the year when he's allowed to trade shares. He hasn't sold any for a long period of time and he remains chairman of the business – this isn't a cut and run.'
Lord Harris had said he would leave the business when a new chairman was appointed but then revealed a change of mind and that he may stay on the board once a successor is found.