Property entrepreneur Jack Petchey has sold a 28% stake in Rugby Estates to corporate raider Laxey Partners.

Petchey held the stake in the AIM-listed investment company, started by David Tye and Andrew Wilson, through his Trefick investment vehicle.

Rugby’s share price rose 1p to 293p, giving the company a market capitalisation of £49m.

Kingmaker

Petchey’s tactic in the past has been to build up a stake in a company and then act as ‘kingmaker’ in potential takeover deals.

Laxey, in contrast, seeks to buy stakes in companies in feels are underperforming and shake them up by taking a seat on the board or instigating management change.

It is best know for seeking to impose such changes at British Land in 2003, and recent investments have included NR Properties and Spazio Investments.

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