IWG founder and chief executive Mark Dixon has sold a £68.5m stake in the serviced offices company to repay a bank loan.
Around 35 million shares were sold by Dixon’s investment vehicle Estorn Limited at £1.9582 each, with Dixon’s remaining stake in the company he founded in 1989 sitting at 25.2%, around £490m.
Proceeds from the disposal will be used to unwind pledge and lending arrangements entered into by Estorn with Deutsche Bank Luxembourg.
The sale led to a significant drop in IWG’s share price, falling 6.9% to 192.75p during afternoon trading, marking their worst performance since March 2023.
Earlier this month, the group said it was confident of meeting full-year profit and debt reduction forecasts this year after posting a record £3.5bn in revenue for 2023.