JD Wetherspoon PLC (LSE:JDW) founder and chairman, Tim Martin, netted himself close to £10 million after selling shares in the budget pub giant.
Martin sold around 1.3 million shares in the company at around 739p each on Friday, for a total of £9.58 million.
Shares in the pub group dropped around 0.5% following the news.
This transaction reduces Martin's stake from 25.68% to 24.58%, equating to 30.38 million shares.
Earlier this month, Martin took a swipe at the ousted Tory government’s approach to alcohol taxes in a trading update.
Martin accused the Tories of failing “to implement tax equality between pubs and supermarkets, leading to pub closures and underinvestment”, while calling for fairer treatment from Labour chancellor Rachel Reeves.
He noted that each individual ‘Spoons pub generated taxes “of one sort or another” of £7 million in the last 10 years, “as well as generating considerable employment and social benefits”.