'The Plumber' sells Cyprotex stake

PAUL Davidson, the controversial entrepreneur known in the City as 'the Plumber', today made his exit from Cyprotex, the company that gained him notoriety when its flotation was underpinned by a £5m spread bet.

Davidson sold the 29.9% stake to Nordan Holdings at 10p a share, grossing £2.7m. The share price rose 1 1/4p to 13 1/4p after the deal.

Nordan is an investment vehicle in which, Cyprotex says, Davidson 'has a partial economic interest'. However, it is controlled by Auback Capital Partners, a private investment vehicle in which Davidson has no legal or beneficial interest.

The man behind the deal and a leading shareholder in the new company is Robert Atwater, who becomes chairman and chief executive of Cyprotex.

The Macclesfield drug testing software group will benefit from his contacts built up during a 15-year career in the pharmaceutical and biotech industries on both sides of the Atlantic.