AA pursues return of up to £220m in shares from ousted chairman

THE AA is seeking to claw back millions worth of shares from its former executive chairman who was sacked for assaulting a colleague in a hotel bar, as the legal battle between the pair becomes increasingly hostile.

Bob Mackenzie, whose departure wiped more than £200m off the value of the roadside rescue company last year, is thought to have been served with a compulsory transfer notice for the shares.

The notice, news of which was first reported by Sky News, would mean the AA could gain control of around 33m shares that Mr Mackenzie was in line to receive under its incentive scheme.

Mr Mackenzie has already been asked to pay back £1.2m in bonuses by the AA over an alleged separate altercation, a demand which his lawyers are disputing. The AA declined to comment on the latest notice.

Lawyers for Mr Mackenzie said: “Despite threatening to serve a CTN in relation to his management incentive scheme shares since he left the business in August, the AA chose to do so only days after being served with Bob’s legal proceedings. We think the timing speaks for itself.” Mr Mackenzie, last week, filed a legal claim against the AA, claiming he was victimised by staff members and that he was wrongly dismissed.

It is thought he is seeking to either receive the 33m shares, or get damages equal to the value of the incentive scheme shares, which he believes could be worth £85m to £220m.

The AA, in response, said it was “astonished to receive the claim after the documentation was leaked by or on behalf of Mr Mackenzie to the press earlier in the day, in a clear breach of confidentiality”.

It added: “The board and all the directors acted with utmost propriety and appropriately in respect of the matters of this claim. Mr Mackenzie was dismissed on Aug 1 2017 having launched an unprovoked, sustained and violent attack on a colleague. We will vigorously contest the claim.” Mr Mackenzie was ousted from his position at the firm in a shock announcement last summer, after he attacked Mike Lloyd, who headed up AA’S insurance division, on a company away day – an outburst that he attributed to acute ill health.

Shares in the group have plunged around 70pc since it revealed his sacking.