Van Elle founder plots boardroom coup

Aaron Morby 7 years ago
Share

The founder and former chairman of ground engineering specialist Van Elle has launched an attempt to oust the chief executive and senior independent director.

Michael Ellis is seeking to return to Van Elle’s boardroom after a dispute with chief executive Jon Fenton.

Derbyshire entrepreneur Ellis retired as chairman at the end of last year, several months after Van Elle successfully floated on the AIM market a year ago.

It is understood that Ellis has concerns about the running of the Van Elle, and is reported to have raised concerns about Van Elle’s financial forecasts.

Chief Executive Jim Fenton (left) and Founder Michael Ellis in happier times after the Van Elle list on the AIM market last year

This morning the Van Elle Board confirmed it has received a letter from Ellis requesting a general meeting to put resolutions to shareholders seeking the re-appointment of himself and his son-in-law and former managing director Thomas Lindup, who also left Van Elle last year.

Shareholders will also be asked to vote on resolutions to remove Fenton as chief executive and Robin Williams as senior independent director. 

Van Elle has until 29 November to send a circular to shareholders convening the meeting and will issue this in due course. At this time, the Board recommends that shareholders take no action.

This morning the board also confirmed that trading conditions for the group were unchanged since its last statement in September, when it said Van Elle was set to meet expectations despite challenging market conditions at the specialist railway business.

The board also confirmed this morning that it would provide a trading update for the first half of the financial year later this month. 

Latest news

Breyer Group files administration notice

Staff hope rival firm could buy assets and save jobs
4 hours ago

Peel Ports reveals winners for £750m framework

18 firms win places on deal: Full list
2 hours ago

Wates wins fit-out for Manchester First Street Hub

Smartspace arm secures another Government hub deal
1 hour ago

Former Severfield director takes helm at Embrace Steel

New CEO Martin Kelly aims to step up expansion of steelwork contractor
4 hours ago

£302m upgrade funding awarded to FE colleges – list

Cash shared out between England’s 179 college groups
4 hours ago

FK Facades thrives but construction arm hit by ISG row

Dispute with failed contractor costs specialist £5.5m
5 hours ago

Galliford Try gets go-ahead for Milton Keynes PRS tower

33-storey tower needs gateway 2 approval before work can start
23 hours ago

Small house builders get £150m funding for green homes

Developers will have to meet-up to ten new criteria to benefit from interest rate discounts
4 hours ago

Lendlease Construction renamed Bovis

US private equity firm completes £35m purchase of UK contracting business and rebrands
1 day ago

Breyer Group battles for survival as rivals circle

Housing maintenance firm fights three winding up petitions in a month
1 day ago

Careys facing £2.4m claim by developer over demolition cartel

Giant Hong Kong developer claims it was overcharged on Lots Road Power Station job
1 day ago

Multiplex profit drops a third as revenue rises to £780m

Spate of new orders sets contractor up for three years of work
1 day ago

Galliford Try and Breheny land latest Sizewell C road deals

More infrastructure deals for new nuclear power station
2 days ago

Worker trapped in collapsed septic tank pit

Contractor and director fined after worker suffers multiple fractures
1 day ago

Homes England buys stalled Broad Marsh site

Demolition to finally be completed as developer hunt begins
2 days ago

Vistry go-ahead for 353 homes at Rochester Riverside

Work to start on next phase of Kent town regeneration at end of this year
2 days ago

M&E firm J S Wright collapsed owing £19m

Trade creditors hit for £11.4m by employee-owned Midlands firm
2 days ago

Right to work checks to be extended to self-employed

Government plans crackdown on illegal working and rogue employers
2 days ago

Midlands developer turns to London with £1bn resi schemes trio

SevenCapital plans 1,000 flats in Kensington, Islington and the Isle of Dogs projects
2 days ago

Deck falls off huge scissor lift at Winvic site

Two men seriously injured as platform plunges to the ground
5 days ago

Weston targets Build to Rent with new division

Weston Partnerships signs first deals with asset managers and councils
2 days ago

Bouygues seals deal for £119m Cardiff college campus

Construction to start in June on two new buildings
5 days ago

£140m cash injection to speed-up flood defence schemes

Funding part of £2.65bn investment over the next two years
2 days ago

Bid race starts for £15bn schools framework refresh

DfE throws framework open to more contractors
5 days ago

Berkeley’s £600m Borough Triangle project approved

Controversial scheme features two towers of 38 and 44-storeys
6 days ago

London Mayor calls in blocked 600-bed student scheme

Refused 20-storey London PBSA block may still be built
5 days ago

HG to build 500-bed London Stratford student scheme

Work will start later this year subject to gateway 2 safety approval
6 days ago

Arrest after pedestrian death on construction site

Tragedy during site preparation works for new Wigan car park
5 days ago

British Steel threatens closure of Scunthorpe blast furnaces

Chinese owners say sectional steel and rail supplies will be maintained
6 days ago

Planning green light for Sheffield warehouse site

Existing factories to be demolished in new scheme for Rula Developments
5 days ago

Contractor services