Veteran banker Sir Angus Grossart has nearly doubled his stake in Elgin-based Springfield Properties after buying £1 million of shares from its chairman.
The deal gives the businessman - chair of investment bank Noble Grossart and lobbying firm Charlotte Street Partners - a total of 2,362,400 ordinary shares, representing 2.41% of the AIM-listed housebuilder.
The former Royal Bank of Scotland vice-chair has bought the shares from the Adam Settlement Trust, which has also transferred 2,560,000 ordinary shares to members of Adam’s family. Adam and his wife Anne now holds 40,990,120 ordinary shares, representing 41.9% of the issued share capital.
Springfield was founded in 1956 by Adam's grandfather. In March, the firm said it was withdrawing its interim dividend of 1.4p a share to conserve £1.4 million of cash amid uncertainty over the impact of coronavirus.
Grossart is also a former chair of Daily Record & Sunday Mail, part of Scottish Business Insider's owner Reach PLC.
