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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.

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