Speedy Hire chairman Jan Astrand holds on to role

The chairman of tools, equipment and plant hire services company Speedy Hire has held on to his role despite the best efforts of largest shareholder Toscafund to oust him.

On Friday, 64% of the group’s shareholders rejected a resolution to remove Jan Åstrand as a director, with 47% voting against a resolution to appoint David Shearer as a director, which was what Toscafund had wanted.

However, Shearer – a well-known corporate turnaround expert and former chairman of Mouchel – will be joining the board as a non-exective director.

“The board is pleased that shareholders strongly support Jan Åstrand's position as chairman and welcome David Shearer as a director.”

Hedge fund Toscafund Asset Management, which owns a 19.4% stake in the company, had requisitioned the general meeting as it reckoned 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”.

Toscafund’s founder, Martin ‘Rottweiler’ Hughes, said Shearer would 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".

The company’s final results in May revealed a pre-tax loss of £57.6m in the year to March compared to a profit of £2.1m last year.

At 1522 BST, Speedy Hire shares were down 0.7% to 36.25p.