Speedy Hire shareholder Toscafund calls for head of chairman Åstrand

Speedy Hire's biggest shareholder has called for an emergency shareholder meeting to remove "indecisive" executive chairman Jan Åstrand.

Hedge fund Toscafund Asset Management, which owns a 19.4% stake in the fully listed tool hire company, has requisitioning the general meeting as it wants to oust Åstrand and replace him as chairman with turnaround specialist David Shearer.

Content enough with the company's current chief executive Russell Down, Toscafund's founder, Martin 'Rottweiler' Hughes, said Åstrand was "indecisive as a business leader, failed to support Speedy Hire’s executive management fully, and failed to consult with shareholders regarding key board appointments".

Hughes also said Shearer will be "able to add significant value to the board as it oversees Speedy Hire’s organic turnaround plan, and also has the requisite experience to examine any suitable consolidation prospect".

Speedy held an annual general meeting earlier this month, where there were serious objections made to the re-election of non-executive directors Rob Barclay and Bob Contreras. Both recent appointees under Åstrand, there were votes of almost 37% against their reappointment at the AGM, while Åstrand's role was not up for a vote.

Final results in May showed a pre-tax loss of £57.6m in the year to March, versus a profit of £2.1m last year, as the board looked to restructure the business.

Shares in Speedy, which since Astrand's appointment have fallen from above 70p to a recent range between 30-40p, were up 2.6% by Monday lunchtime to 33.87p.