July 24, 2018 / 6:36 AM / in 5 months

UPDATE 1-Superdry founder Dunkerton sells 6.7 percent stake

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LONDON, July 24 (Reuters) - The co-founder of British fashion retailer Superdry, has sold a 6.7 percent stake in the company, reducing his holding to 18.5 percent.

UBS said Julian Dunkerton, a former chief executive of the company who quit as a director in March, sold 5.5 million shares through a placing to institutional investors at 1,285 pence a share, raising 71 million pounds ($92.9 million).

UBS acted as coordinator of the placing, while Investec Bank acted as co-bookrunner.

It said Dunkerton has agreed not to sell any more shares for 90 days following completion of the placing.

Dunkerton started the business in 1985 on a market stall in Cheltenham, southwest England, before floating it on the stock market in 2010.

Shares in the firm closed Monday at 1,365 pence, valuing the business at 1.12 billion pounds ($1.46 billion). ($1 = 0.7645 pounds) (Reporting by James Davey Editing by Alistair Smout)

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