Founder of investment bank Evolution Securities, Richard Griffiths, has increased his stake in Cupid.
The move comes after the Edinburgh-based company announced they would be selling off their dating businesses for £3m.
The former chairman of Evolution, Griffiths, increased his stake to 10%, up from 4.53%.
This extra 1.2m shares takes his total to around 7.6m, making him the third biggest investor in the company.
Cupid announced on Monday they plan to sell UniformDating.com, Cupid.com and LoveBeginsAt.com to Tradax IP Licensing, Together Networks Holdings and Together Networks.
The Chairman of Cupid, George Eliott, said: “The Company will effectively become a well capitalised cash shell with approximately £18 million that can be utilised for new opportunities in line with our proposed investing policy or returned to shareholders.”
The renamed company will be called Castle Street Investments.
Although the decision is still up for a shareholder vote, Cupid revealed that over 40% were voting in favour of the proposal.
The decision means 180 staff will be made redundant — 24 of whom work in the UK, the majority from Ukraine and others spread between the US and France.