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.
Most watched Money videos
- How to invest for income and growth: SAINTS' James Dow
- Fiat pledges to cease grey car production as they launch new EV
- Land Rover unveil newest all-electric Range Rover SUV
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- Mercedes has finally unveiled its new electric G-Class
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Blue Whale fund manager on the best of the Magnificent 7
- Mini Cooper SE: The British icon gets an all-electric makeover
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Don't ditch name and shame plan - it has the City running...
- BUSINESS LIVE: BoE base rate decision; ITV eyes ad market...
- Avon Protection handed £38m gas mask contract by MoD
- Ford confirms it will cull another of its best-selling...
- Hedge fund tycoon's £34m silver salvage claim sunk at the...
- Millions kept in the dark over City watchdog's mystery...
- TSB to close one in six branches: More than 6,000 shut by...
- Spring property bounce is a damp squib - Rics estate...
- Watches of Switzerland buys Italy's Roberto Coin Inc for...
- Snoop Dogg cannabis firm to ditch London after losing 97%...
- Ford boss says it may restrict petrol models in the UK to...
- Why we need more than a British Isa to move the dial on...
- Mortgage rates are climbing again - should we be worried?...
- We do need to resolve inequality admits £8m-a-year...
- Drivers abandon Direct Line after insurance premium hikes
- Controversial Brewdog founder James Watt steps downs
- Used car sales hit a five-year high as fresh supply of...
- ITV hit by Hollywood strikes as it pins hopes on Euros...