BILL Dobbie and Max Polyakov, founders of Edinburgh-based internet dating company Cupid, have each netted £10.8 million after selling a total of 12 million shares.

The sale, equivalent to 14.8% of the company, comes just days after Cupid revealed that Mr Polyakov, its business development director, has quit to launch a social gaming business in the United States.

Mr Dobbie and Mr Polyakov each sold six million shares at 180p each, a stock market filing revealed last night. The buyers were institutional investors. Following the disposals Mr Dobbie retains 13.8 million shares, some 17% of the company, while Mr Polyakov has 12.6 million, or 15.5%.

Asked why Mr Dobbie decided to sell, a Cupid spokesman said: "[Mr Dobbie and Mr Polyakov] have always been equal shareholders so they both decided to sell at the same time. Also this was an opportunity to get more institutional shareholders on board."

Mr Polyakov is prevented from selling any more shares until June 30, 2013 and after this needs Cupid's permission to make disposals for another year.

The sale comes less than two years after the pair brought Cupid, then known as Easydate, to the market with shares priced at 60p.

Earlier this week Cupid revealed it had more than doubled its revenues in the 2011 calendar year to £53.6m and seen pre-tax profit rise 67% to £7m. Cupid's shares closed down 9p or 4.4% at 195p. They were trading as high as 260p a share in June of last year.

Mr Dobbie previously co-founded and floated Scottish data storage firm Iomart.