Berkeley Group’s founder Tony Pidgley has cashed in another tranche of shares, just seven weeks after another major sell off.

In the latest share sale, chairman Pidgley sold 750,000 shares for £28.9m, adding to the 750,000 sold for £27m in early September.

The luxury south east house builder’s chief executive Rob Perrins also sold 500,000 shares at the same time as Pidgley making £19.25m.

In September, Perrins’ wife Vanessa sold 500,000 shares, worth nearly £18m.

The record windfall came from a long-term incentive deal set up in 2011 when shares were worth around £10. They have since soared almost 300% on the back of the housing market recovery

Between them, the pair still has over £200m of shares in Berkeley Group.

Famously Pidgley called the top of the housing market in 1988, deciding to cut Berkeley Group’s land holdings while its main rivals continued to grab land at inflated prices.

Source: Construction Enquirer

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