Asos co-founder Nick Robertson is selling a chunk of his stake in the fashion etailer to fund his £70m divorce settlement.

Robertson, who stepped down as Asos’ chief executive last year, wants to sell 1.3 million shares through a placing with institutional investors, the company said.

It represents about 1.6% of the etailer’s existing share capital.

The disposal would raise £46.4m, based on yesterday’s closing price of £35.71.

Robertson was reportedly ordered earlier this year to hand over about a third of his £220m fortune to his ex-wife, Janine, after a public trial in the high court.

It came after the couple allegedly failed to agree on the division of shares and property owned by Robertson.