Nov 13, 2020

Next chief executive Simon Wolfson offloads £10m of shares

Simon Wolfson has sold more than £10m worth of shares in Next, the fashion retailer that he has run for almost two decades, after a strong recovery in its share price since March. Lord Wolfson sold 150,000 shares at £67.87 each, having made a similar-sized disposal last year. The company said that the share sale allowed Lord Wolfson "To spread his investments into other non-retail areas" and pointed out that he retained a significant shareholding, worth more than £80m at current prices, in the retailer. Next shares were down 2 per cent in early afternoon trading on Friday after the announcement, though they are still almost double their nadir in March, when both the chain's 500 UK stores and its online distribution warehouse were forced to close because of the coronavirus lockdown. The disposal came just before the announcement of a potential Covid-19 vaccine sent shares in the company down about 10 per cent.

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