MARKET REPORT: Son of Dunelm founder sells £114m worth of shares

Dunelm plunged into the red after its vice-chairman sold more than £100m worth of shares.

Sir Will Adderley, whose parents Bill and Jean founded the homewares chain in 1979, offloaded 10 million shares at 1,140 pence each. The stock fell 6.3 per cent, or 78 pence, to 1,157 pence.

The £114m sale, which represented just under 5 per cent of all Dunelm shares, leaves the Adderley family with a 37.6 per cent stake in the business.

Dunelm said Adderley, 76, “remains fully committed” to the company in his role as vice chairman and a significant shareholder.

It will refrain from selling any further shares for at least 180 days, the London-listed firm added.

The FTSE 100 rose 0.3 percent, or 23.05 points, to 8,282.76, while the FTSE 250 fell 0.4 percent, or 75 points, to 20,770.12.

S Three came under pressure following a slump in hiring in the technology, engineering and life sciences sector. Group fees fell 8 per cent in the third quarter to the end of August. Shares fell 5.2 per cent, or 20.5 pence, to 375 pence.

Alcoholic drinks maker AG Barr has reported a mixed first half. Strong sales of its Rubicon soft drink helped group revenue rise 5.2% to £221.3m in the 26 weeks to 27 July.

But profits fell 10.4 per cent to £24.9m as the company continued to integrate the Boost business it bought in 2022.

Sales of its Funkin cocktail brand fell 9.4 percent during the period as bars and nightclubs were hit by lower demand. Shares fell 8.5 percent, or 56 pence, to 606 pence.

Eric Adler will lead Legal & General’s asset management division. The new chief executive, who joins from Prudential Financial’s global asset management practice, will replace Michelle Scrimgeour. The shares rose 0.7 percent, or 1.6 pence, to 225.9 pence.

Cake Box is joining forces with Nutella to create five desserts, including a chocolate cupcake. The cake retailer said the products will be available in its stores nationwide. Shares rose 2.4 percent, or 4p, to 174p.

The boss of a gas and electricity supplier has called on the Government to do more to encourage companies to continue trading on London’s junior market.

Yu Group’s Bobby Kalar said many companies are questioning their future on AIM and warned the index is at risk if Labour “further punishes and disincentivises high-growth entrepreneurial companies”.

Revenue rose 60 per cent to £312.7m in the first half of 2024, while profits doubled to £19.8m.

The strong performance prompted Yu Group to raise its interim dividend to 19 pence by 3 pence. The shares rose 1.3 per cent, or 20 pence, to 1,570 pence.

Private equity firm 3i Group rose slightly as its portfolio remained resilient despite continued economic pressures in the UK and Europe.

This includes Dutch discount chain Action, where sales have risen 21 per cent to £7.7bn so far this year. Shares gained 0.7 per cent, or 23p, to 3,364p.

Chemicals group Johnson Matthey will buy back up to 125 million pounds worth of shares from investors until the end of January. It is part of a 250 million pound buyback scheme that began in July. The shares rose 1.7 percent, or 25 pence, to 1,496 pence.