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Charles Dunstone Sells Block of Shares in Carphone Warehouse

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Charles Dunstone, co founder and Chairman of the UK phone retailer, Carphone Warehouse has raised around £35 million (USD54.6 million) by selling 10 percent of his holding in the company. The sale represented three percent of the total shares in the company and he retains a 29.1 percent stake in the firm.

Mr Dunstone became chairman of Carphone Warehouse in March after the demerger of its TalkTalk division.

The company is now a joint venture with the USA's Best Buy and operates more than 2,400 stores in nine European countries under CPW and Phone House brands.

Roger Taylor, chief executive of the company, told the Financial Times that Mr Dunstone's sale was not related to any change in business performance and was the "lesser of the evils in terms of timing".

In the Sunday Times Rich List 2006 Charles Dunstone was listed in 64th place, with an estimated fortune of $1.66 billion.

On the web: Financial Times

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Tags: charles dunstone  carphone warehouse  talktalk  UK