Directors in Patisserie Holdings, the owner of Patisserie Valerie, have raised c£15m combined after yesterday selling 4.8 million shares in the company at a price of 312p.

Chairman Luke Johnson collected c£12.6m from the sale of just over 4 million shares, leaving him with a 38.6% stake worth c£120m at 312p a share.

The shares sold represented just under 5% of the total 100.00 million shares in issue.

Chief executive Paul May sold 506,000 shares for 312p each, netting him c£1.6m and leaving him with 4,554,000 shares, a 4.6% stake worth £14,208,480.

Non-executive director James Horler sold 147,000 shares for 312p each, netting c£460k and leaving him with 465,052 shares, while finance director Chris Marsh sold 51,000 shares for 312p each, collecting £160k and leaving him with 147,116 shares.

The company said the sale had been made “in order to satisfy specific market demand for shares”.