23 Sep 2011

GPG sells Turner Auctions stake

1:50 pm on 23 September 2011

Guinness Peat Group (GPG) has sold its cornerstone stake in Turners Auctions for an unknown amount.

The investment concern had a 19.4% stake in the car auctioneer and has sold its entire holding in an off-market transaction to parties that include Milford Asset Management.

GPG intends selling all its investments, with the exception of threadmaker Coats, and return the proceeds to shareholders.