11:26 am, May 8, 2020
Caffyns CEO Simon Caffyn has been gifted shares worth £70,000 by his mother, an announcement to the Stock Market has revealed.
The shares – 25,000 of which were gifted at nil consideration – were worth £70k at yesterday’s closing Caffyns plc share price of 280p.
Caffyns runs VW Group, Volvo, Vauxhall and Caffyns Motorstore sites across Sussex and Kent.
The statement said: ‘Following this notification of this transaction, Mrs Caffyn has a beneficial holding in the Company, of 33,336 ordinary shares representing 1.23% of the ordinary shares of the company.
‘Following this acquisition, Simon Caffyn’s interested is 76,988 ordinary shares representing 2.85 per cent of the issued ordinary shares.’
In March, the company announced that it had closed its dealerships in line with the government’s lockdown and revealed it had enough ‘financial resources’ to withstand the impact of the closures.
It said the board had put all expenditure on hold and would be operating on a skeleton staff to produce aftersales and MOTs to essential workers.
In 2019 the group turned over £209.2m and made profits of £1.45m.
