Investors sell off shares in Grenfell Tower cladding firm Kingspan

Grenfell United, representing bereaved families, welcomes move by Baillie Gifford and other asset managers

Investors have sold shares worth hundreds of millions of pounds in Kingspan, which supplied part of the combustible cladding system on Grenfell Tower, after growing pressure from bereaved families for firms involved in the 2017 disaster to start facing consequences.

Baillie Gifford, until recently one of Kingspan's largest shareholders, has sold an estimated 200m worth of stock in the Irish firm in a series of trades executed in February and March, according to records analysed by the Guardian. Four other asset managers have also reported selling holdings in recent months and others have placed investments under review. They include specialist ethical funds originally attracted to Kingspan because its insulation products reduce carbon emissions.