Carphone Warehouse founder Charles Dunstone has raised £35m by selling 10% of his stake in the business.

The deal represents 3% of the company, and he retains a 29.1% stake in the group.

Dunstone sold 15 million shares in Carphone Warehouse on Friday at a price of 236p for a “combination of personal requirements” according to the company. His remaining shares are worth more than £300m.

Carphone Warehouse chief executive Roger Taylor told the Financial Times that Dunstone’s sale was for purely personal reasons and was not related to any change in business performance.