Speedy Hire set for another rottweiler attack from activist investor

 
William Turvill
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Toscafund chief executive Martin Hughes has the nickname Rottweiler (Source: Getty)

Speedy Hire is preparing for another attack from its largest shareholder, activist investor Toscafund, on Monday morning.

Toscafund is planning to publish a new letter accusing the firm’s chairman, Jan Astrand – who refused the fund's demands last week to stand down – of failing to address its concerns.

Read more: Toscafund urges Speedy Hire chairman to resign ahead of general meeting

The investor’s chief executive, Martin Hughes, said in an open letter last week: “We believe that it would be in shareholders’ best interests if you were to resign ahead of the meeting to save both time and expense.

“You will by now be aware of the significant shareholder discontent about your track record at Speedy Hire, both in terms of governance and shareholder value creation.”

Read more: Speedy Hire raises hackles of Rottweiler

Hughes has the nickname Rottweiler in the City for his aggressive investing practises.

He added in last week's letter: “This is the first time in Toscafund’s 16-year history that we have felt compelled to take such action at one of the companies in which we invest and we do not do so lightly.”

Toscafund and Speedy Hire declined to comment.

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