Dr. Martens shares tumble
The share price of Northants bootmaker Dr Martens has slumped after one of its major investors lowered its stake by 6%.
Private equity firm Permira offloaded 65m shares at 395p each, reducing its shareholding from 42pc to 36pc and raising £257m in the process.
Shares in the shoemaker dropped as much as 13pc, marking the biggest ever fall for the company.
The share sale heralds a payday for London-based Permira, which took control of Dr Martens in 2013 for £300m before listing it on the stock exchange last year.
Neither party commented on the sale, which was handled by Goldman Sachs, but analysts told the Financial Times that the move was “standard private equity behaviour” and if further sell-off took place in an orderly manner, it should not concern other investors.