Mears chairman Bob Holt has sold all his ordinary shares in the company, reportedly to a “major institution”.
Mr Holt first exercised share options for 1.5m ordinary shares under the company’s special incentive plan, which was set up to reward its top executives. He then sold 2m shares at 250p per share.
Under the special incentive plan Mr Holt still has options on more than 1m further ordinary shares.
Speaking to the Daily Telegraph, Mr Holt said the stock was bought by a major institution that was struggling to obtain a holding in the company.
The company’s share price dropped temporarily following the sale, but has since recovered.
Mears recently recorded a 12 per cent rise in revenue, from £524m to £589m. Chief executive David Miles said the company was seeking acquisitions to boost its care maintenance service branch.