A BILLIONAIRE who went to school in East Lancashire has stepped down from the board of his company.

Peter Hargreaves, who went to Clitheroe Royal Grammar School and co-founded Hargreaves Lansdown plc, will give up his position with immediate effect.

He will, however, remain employed with the business, which is one of the UK’s leading independent financial service providers and asset management specialists.

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Mr Hargreaves said he planned to spend more time with his family but has said he had no intention of selling some of his 32 per cent stake in the business which generated a £48million dividend last year.

He said: “I believe this is the right time for me to step down from the board. The group continues to perform strongly and I have every confidence in the strong management team and the well diversified board to look after my interests in the group. I will continue to work in the business, but will spend more time with my family and pursuing outside interests.

“I will, of course, remain in close touch as a major shareholder.”

Mr Hargreaves has previously told a national newspaper that he dislikes the ‘ostentatious display of wealth’ and that he is happiest when digging up vegetables from his garden for Sunday lunch. He never bets more than £5 when he goes to the races.

His father ran a small family bakery.

Mr Hargreaves built the business from a spare bedroom in his Bristol flat in 1981.

He scooped £80m when the company floated on the stock exchange with a price tag of £800m in 2007.

He is the 39th richest man in the UK with an estimated fortune of £2.4billion.

Mike Evans, chairman at Hargreaves Lansdown, thanked Mr Hargreaves, who stepped down as chief executive in 2010. He said: “Having founded this business with Stephen Lansdown in 1981, Peter has been instrumental to the success of the group and has personally overseen its development into a financially secure, profitable, client focused, FTSE100 business.

“I am sure we will continue to benefit from his experience and insight as both an employee and a major shareholder.”