Ousted Lupus boss hits back at board
Greg Hutchings has launched a dramatic bid to take back the helm of investment group Lupus Capital just two months after he was ousted from the fledgling company's board.
Campaign: Greg Hutchings has set up a website to help his fight
Hutchings, who made his name as the chief of blue-chip conglomerate Tomkins, was forced out at Lupus earlier, after the group missed the terms for key bank loans and had to renegotiate its financing.
But Hutchings, who owns 11% of the group, has requisitioned an extraordinary general meeting to have himself reinstated as executive chairman and to clear out the board members.
He seeks the removal of new chief executive Keith Taylor, chairman Michael Jackson, chief financial officer Paul Felton-Smith and non-executive director Roland Tate.
Hutchings also proposes bringing in Giles Daubeney, of recruitment group Robert Walters, as chief operating officer.
Hutchings has set up a website and is writing to all shareholders. In his letter he argues that the slide into loss at the half year, when the group reported a deficit of £1.7m, was due to the recession.
He says he and his team produced record sales in 2008, cut costs and reduced staff numbers by 30%.
Lupus's two main subsidiary businesses produce pipe couplings for the oil and gas industry and door and window sealing systems, an operation that has been hard hit by the slowdown in house building.
A spokesman for Lupus said the board would reply in due course.
Hutchings was ousted from the engineering group Tomkins in 2000 amid claims he used the company as a personal fiefdom.
He was later cleared of any wrongdoing.
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