Clipper directors amass £4m after share sale

The three top directors at Clipper Logistics, which distributes goods for Marks & Spencer, Asda and Morrisons, have sold shares in the firm for £4m.

Clipper distributes goods for Marks & Spencer, Asda and Morrisons

Executive chairman Steve Parkin cashed in some of his shares for just under £2m, CEO Tony Mannix has amassed just over £1m from the share sale and CFO David Hodkin made almost £900,000.

Leeds-based Clipper has seen its share price soar as more people turn to online shopping during the pandemic.

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The shares fell to 149p just before the first pandemic lockdown was announced in March 2020, but they are now worth around 842p.

The shares were given to the top directors as part of the 2015 Performance Share Plan Exercise and Sale, the 2018 Sharesave Scheme Exercise and Sale and the 2015 Sharesave Scheme Sale.

In 2018, the three executive directors exercised their options under the company's 2015 Sharesave Scheme, and immediately transferred those shares to their wives.

The three wives have also sold the shares they were given, which means the three couples have cashed in £4.2m in total.

All the shares were sold at a price of £8.4006 per share.

As all of the shares sold were newly allotted apart from those relating to the 2015 Sharesave Scheme held by the executive directors' wives, the holdings of each executive director remain unchanged.

Mr Parkin holds a 13.81 per cent stake in the firm, whilst Mr Mannix has 0.92 per cent and Mr Hodkin has 1.08 per cent.

A fortnight ago, Clipper reported record annual results, which it said reflected the continuing and permanent growth of online retailing.

The firm said group revenue rose 39 per cent to £696m in the year to April 30. Underlying earnings rose 52 per cent to £31m.

Clipper reported a permanent structural shift from physical to digital retail and said it has seen high double digit growth, resulting in record annual revenue and profit.

It said that its success was based on sustainable organic growth and multiple new contract wins including Revolution Beauty, T.M.Lewin, Amara Living, Hope & Ivy, Joules, N Brown, Simba Sleep, The Very Group, Linenbundle, H&M and JD Sports.

The group sees strong momentum into 2022 and a robust new business pipeline.