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Private equity firm sells down stake in Just Retirement

The main shareholder in Just Retirement is to sell up to 10 per cent of its stake in the specialist annuity provider.

Just Retirement has announced the plans by Avallux, part of private equity group Permira, to sell up to around 50 million ordinary shares.

The placing will be made to institutional investors, and once complete would see Avallux’s shareholding in Just Retirement reduce from 62 to 52 per cent.

Just Retirement made a pre-tax loss of £9.2m for the second half of last year, compared to a pre-tax profit of £26.5m over the same peiod in 2013.

The provider saw individual annuity sales fall 58 per cent last year, but defined benefit sales jumped from just £5.4m to £354.7m. 

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