Neil Woodford is believed to have offloaded a stake of about £70 million in Stobart Group as he scrambles to overhaul his stricken investment fund.
Woodford Investment Management is the second biggest shareholder in the mini-conglomerate that operates Southend airport, with a stake of about 18 per cent.
City sources said that Mr Woodford, 59, had disposed of almost his entire holding at 115p a share in a deal estimated to have raised about £70 million for the fund manager. Stobart shares closed up 10¾p, or 9.4 per cent, at 126p last night.
