One of Speedy Hire’s largest shareholders will call for an extraordinary general meeting this morning due to frustrations around its performance and management.
The building equipment supplier’s share price has fallen sharply over the last couple of years due to a series of profit warnings.
Toscafund, which has a near 20 per cent stake in Speedy Hire, will make the call for the EGM in order to oust the firm’s executive chairman Jan Astrand.
Martin Hughes, founder of Toscafund, has been given nickname of the Rottweiler in the City for his aggressive investing practises.
Hughes is understood to be pushing for David Shearer, a chartered accountant and former chair of the housebuilder Crest Nicholson, to take over.