Just Eat's former boss banks £4.9m share windfall
The former chief executive of online food delivery firm Just Eat has banked nearly £5 million after offloading a chunk of shares.
David Buttress, who stepped down in February due to “urgent family matters”, sold 784,649 shares on the open market at an average price of about £6.35, according to a stock exchange announcement. The share sale will see him pocket £4.9m.
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Buttress, now a non-executive director at the fast-growing firm, made headlines last year after netting £12.5m through a similar share sale.
The latest windfall comes after he was awarded more than one million shares as part of Just Eat’s share ownership plan.
Of those, Buttress retained 250,000, meaning his direct shareholding in Just Eat stands at 750,000 shares.
Just Eat has experienced management upheaval of late, with new chief executive Peter Plumb due to join in September after Buttress stepped down. Chairman John Hughes died in June, leaving Andrew Griffiths to step in as interim chair.
The firm is also facing a full-blown investigation into its takeover of rival Hungryhouse amid concerns that the deal could curb competition.
But last month Just Eat hailed an “excellent” start to the year, as surging profits and sales led the company to raise its full-year revenue guidance.
Pre-tax profits rose 46 per cent to £49.5m in the six months to 30 June, while revenues shot up 44 per cent to £247m.