David Ross, co-founder of UK retail outfit the Carphone Warehouse, has offloaded 15 million shares in the firm for almost £33m.

As a result, Ross has cut his holding in the firm from 21.2 per cent to 19.56 per cent. He remains the second largest shareholder in the company.

Earlier this month Carphone reported a healthy increase in sales and profits for the year to the end of March, but issued a gloomy outlook due to the negative effects of the credit crunch and associated property slump.

Group revenues were up 12 per cent year on year to £4.47bn, while profit before tax jumped 81 per cent to £124m.

The company recently struck a deal to sell 50 per cent of its European and US interests to consumer electronics shop Best Buy.