The founder of casual fashion brand SuperGroup, which owns SuperDry, has sold £53 million worth of shares, leaving him with a 27% stake worth £292 million.

Julian Dunkerton made £80 million after his company was floated on the stock exchange in 2010. He stepped down as CEO in 2014 and was replaced by Euan Sutherland, the former boss at the Co-op.

It has been reported that the reason Mr Dunkerton is selling the shares is to fund his divorce settlement. It is the first time he has sold shares since the company floated on the stock market.