After-hours coup ousts Kerman
Sir Ian Rankin, a non-executive director, was voted into the chair by the four non- family directors at a board meeting held immediately after the AGM.
Anthony Kerman, his brother Nicholas, and Isidore, their father and grand old man of British greyhound racing, remain on the board for the time being.
The bizarre events at the former home of Bristol Rovers football club followed an acrimonious meeting during which the Kerman family was taken to task for its perceived mismanagement of the embattled property and leisure company.
Sir Ian joined the rest of the board in a show of unity at the meeting. But divisions that had split the directors surfaced as he warned that the company, which he described as private to all intents and purposes, had to change.
Disgruntled shareholders, led by Colin Forsyth, questioned Anthony Kerman about the heavy losses sustained by the company over the past four years. Mr Forsyth said that since the company acquired Scotts, a quoted restaurant chain controlled by the Kerman family, net assets per share had halved. He said the company's problems, which had left it with high borrowings and a collapsing share price, had been self-inflicted.
Losses from the restaurants division amounted to pounds 3.5m over three years. The division was closed earlier this year, with Scotts sold to recently quoted restaurateur Chez Gerard in June.
The service contracts of Nicholas Kerman, deputy chairman, and Clarke Osborne, managing director, were also criticised. Both run for four years and 10 months, in contravention of the Cadbury guidelines, which recommend no more than three years.
One dispute remains unresolved. A court hearing in November will decide whether Nicholas Kerman has an option, as he claims, to buy back an 11 per cent stake in the company which he sold, via a Swiss middleman, to Nicholas Berry, the property entrepreneur.
The shares closed 10p higher at 140p.
- 1 Woman 'suffocates newborn baby in plastic bag and puts it in her desk minutes after giving birth'
- 2 I've been called an abusive and dangerous parent, when all I did was listen to my transgender child
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 4 Teaching profession headed for crisis as numbers continue to drop and working lives become 'unbearable'
- 5 Chinese student carries disabled friend to school every day for three years
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...