Skip navigation

Gloucestershire Business News

Germans call for the head of Gloucestershire boss

After taking the company from a minnow to one of the biggest businesses Gloucestershire has ever known, it seems the knives could be out for Bob Holt.

A shareholder in the Gloucester headquartered Mears Group has called on other investors to vote for the removal of the founding father of the £940million turnover firm.

Frankfurt-based activist investor Shareholder Value Management AG has urged fellow shareholders to act to remove Mr Holt "due to the company's underperformance".

Mears itself has been forced to requisition a general meeting to consider the matter.

"Mears Group PLC, the provider of support services to the housing and care sectors in the UK, announces that on 4 July it received from a shareholder a notice pursuant to sections 168 and 303 of the Companies Act 2006 (the "Act") requisitioning a general meeting of the company's shareholders," said a statement from Mears, delivered under the name of its CFO Andrew Smith.

"Mears has been informed that the shareholder holds approximately 8.9 per cent of the paid-up capital of the company, the shares being beneficially owned by Frankfurter Aktienfonds fur Stiftungen, a fund advised by Shareholder Value Management AG.

"The requisition proposes two resolutions. Firstly, that Bob Holt be removed from the board of directors of the company and secondly, that an alternative candidate be appointed as non-executive director.

"The board of directors currently intends, in accordance with section 304 of the Act, to call such a general meeting within 21 days of the receipt of the requisition and to provide for such meeting to be held on a date not more than 28 days after the date of the notice of such meeting.

"Shareholders are advised to take no action at this time. Further announcements will be made in due course."

It is understood the activist investor is seeking to appoint former Andy Hogarth, former chief executive officer of Staffline, as a new independent director.

Related Articles

VIDEO: Cheltenham Borough Council spends £37.5million to secure land for Cyber Central Image

VIDEO: Cheltenham Borough Council spends £37.5million to secure land for Cyber Central

The biggest change to Cheltenham since the spa town boom of the 18th century has taken a significant step forward.

VIDEO: 'This is more than a business park, Cyber Central is a  project of national significance' Image

VIDEO: 'This is more than a business park, Cyber Central is a project of national significance'

The Cyber Central plan for Cheltenham has been called a “A project of huge local, regional and national significance” by one of the councillors leading the project.

Where the Cyber Central development will be built and how it will transform Gloucestershire Image

Where the Cyber Central development will be built and how it will transform Gloucestershire

It will have 1,100 homes and lead to new roads and new motorway junctions being built

Former Royal Engineer sent £14,000 drug profits abroad Image

Former Royal Engineer sent £14,000 drug profits abroad

A former Royal Engineer who made money from selling cannabis sent thousands of pounds of his illicit profits abroad to his wife and other people in four countries including two in Africa, a court heard.

Copyright 2019 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.