Philip Meeson, who transformed Jet2 from a cargo airline into a holiday giant, has sold five million of his shares to a number of institutional investors.

The sale represents 2.3% of the company’s issued ordinary share capital.

Philip, 76, who stepped down as Chairman last year, said his rationale for selling the shares was driven by personal financial considerations alone.

In a statement to the London Stock Exchange, Philip said he believes that Jet2 ‘as a market leader in the holiday business and with a firm order for 146 A321 aircraft is ideally positioned to fully take advantage of a market with huge potential’.

He added that he believes Jet2 has a ‘great future’ and he expects to continue as a ‘very substantial’ shareholder in the company going forward.

Settlement of the placing is expected to occur on 13 September 2024.