dfsStoreOfficialAdvent International is to reduce its shareholding in DFS, the national furniture retailer which returned to the stock market earlier this year.

The investment group, which bought the business off DFS founder Lord Kirkham back in 2010, is to sell 32m shares at 295 pence per share, raising gross proceeds of £94.4m.

Its share sell-off—actioned via an accelerated bookbuild secondary placing with institutional investors—represents 15 per cent of the business.

Advent’s stake will be cut to 38 per cent, meaning it will still be the largest shareholder.

Related: DFS profits treble, targets category expansion & overseas