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

McAlpine pulls out of £55m Carlisle Citadels project

University of Cumbria starts hunt for replacement contractor
27 mins ago

McLaren Living appoints HG Construction for £69m scheme

Build to Rent scheme will transform former vacant car park site in Leeds city centre
32 mins ago

Squibb liquidator probes £2m of “missing” plant

Machinery, cars and scrap metal have disappeared at demolition specialist
5 hours ago

Galliford Try to re-enter affordable homes market

Contractor sets out new five-year plan to build margin to 4%
4 hours ago

Former Sellar chief to lead civils contractor Kilnbridge

Owen Dannatt joins as new CEO as founder Dermot McDermott becomes Chairman
4 hours ago

Hunt starts for nuclear fusion plant construction partner

Fusion energy plant to be built at West Burton coal power station site.
4 hours ago

National Grid raises £7bn for big infrastructure upgrade

Rights issue to fund a major round of capital investment in energy infrastructure
4 hours ago

Grenfell police probe to last at least until end of 2025

19 companies and 58 individuals could eventually face charges
14 hours ago

Mace confirmed on £100m London office retrofit

Work underway on Helical's 100 New Bridge Street job near Ludgate Circus
1 day ago

Wylfa chosen for next big nuclear power station build

Government names Anglesey site for a large-scale gigawatt nuclear power plant.
1 day ago

Bowmer & Kirkland trading profit halves

Contractor buys HVAC specialist Adcock despite challenging market
1 day ago

Piling specialist Van Elle plans further job cuts

Piling specialist plans further cost savings in face of lower demand
1 day ago

Civils contractor A Catlow files administration notice

High voltage cable specialist lodges court notice
1 day ago

Green light for ARC Oxford lab campus

Work to start later this year on £40m Ascent building job
1 day ago

Stonehenge tunnel hit by another legal delay

Court upholds latest appeal against £1.7bn scheme by campaigners
2 days ago

Plans go in for huge Olympic Park construction hub

Bow Goods Yard could deliver 3.5m tonnes of materials a year to sites across London
2 days ago

40% affordable homes target for Labour’s new towns

Labour pledges to select new town sites by end of first year
2 days ago

Plan for £100m Liverpool Baltic station

Construction work could begin next year
2 days ago

Surgo Construction went down owing £4.5m

Biggest creditor is Bellway Homes after dispute on housing job
2 days ago

Vistry seals £157m West London housing deal

Around 575 homes to be built at Merrick Place scheme in Ealing
2 days ago

Streamlined Watkin Jones returns to profit in first half

Multi-room specialist sees secured work pipeline hit £1.4bn
2 days ago

Bellway hires ex-brickie as group construction chief

James Griffin to oversee move to the Future Homes Standard and timber frame.
2 days ago

Persimmon under fire for delays to £10m relief road

West Suffolk Council serves Breach of Condition Notices after timetable slips again
2 days ago

BAM wins £33m Kent secondary school job

Replacement Swanley academy to be built at live school site
2 days ago

Aluminium cladding specialist collapses

Melton Mowbray-based firm worked for several main contractors
3 days ago

Brickwork contractor Lee Marley returns to profit

Affordable and rental homes demand lifts brickwork contractor
3 days ago

Housing contractor Durkan suffers second year of losses

More fire safety provisions tip firm into £3.9m loss
3 days ago

Farrans makes breakthrough on tricky tunnel job

Tunnel under Tees latest part of new £155m water pipeline job
3 days ago

Heidelberg buys aggregates and earthworks specialist B&A

Latest deal follows acquisition of Mick George
3 days ago

Flagship biodiversity net gain scheme flawed

NAO warns Government's flagship green development scheme at risk of failure
6 days ago

Contractor services