Michael Spencer sells shares in TP Icap for over £200 million

Michael Spencer has offloaded most of his stake, worth more than £200 million, in TP Icap after selling the voice-broking business to rival Tullett Prebon in a £1.3 billion deal.

The former Tory party Treasurer cut his stake in TP Icap from nearly 9% to less than 1% yesterday, cashing in shares held in several different vehicles worth over £200 million, according to stock exchange filings.

Spencer was given the 9% stake in TP Icap after Icap, now known as NEX Group, sold the business to Tullett.

His share sale follows a surge from TP Icap shares on Friday when it revealed a double-digit leap in revenues over the past year.

The company has benefited from the market turbulence caused by the Brexit vote and Donald Trump’s victory as US President-elect.

The City veteran, who started out as a voice-broker himself, insisted last month that voice-broking was “by no means dead” despite the decision to sell the business.

A TP Icap spokesman said: “We understand that Michael Spencer has taken advantage of a period of high liquidity in the market to dispose of his stake.

“We recognise his desire to reduce his weighting in a company he is not managing.”