Partners at pioneering quoted firm Gateley have shared £6.4m from the sale of shares after the expiry of an initial lock-in agreement.

Chief executive Michael Ward (pictured) and chief operating officer Peter Davies are among the beneficiaries, netting £365,000 and £311,000 respectively.

The former partners of what was Gateley LLP retained a 70% stake on the company’s admission to AIM in June last year.

They entered into a five-year lock-in agreement allowing them to sell up to 10% of their interest in any 12-month period following the first anniversary of flotation.

The sales, at 1.11p a share (a small discount on last night's closing price of 1.13p), were announced to the stock market this morning. They represent 5.4% of the total issued share capital. The original float price was £1 per share.

New institutional investors have bought 5.15m shares, and new and existing employees 612,000.

Nigel Payne, chairman of Gateley, commented: 'I’m delighted to welcome new institutional shareholders on to the register and am equally pleased with internal demand from employees recognising the evolution and significant opportunities available to the business.’

Both Ward and Davies retain holdings worth over £3m.

Gateley's share price was unchanged this lunchtime at 113p.