Speedy Hire boss survives attack from hedge fund

SPEEDY Hire’s boss has survived an attempt to oust him by the tool rental company’s biggest shareholder.

The firm had been embroiled in a bitter war of words with hedge fund Toscafund over Jan Astrand’s position as executive chairman.

The investor, led by Martin ‘the Rottweiler’ Hughes, wanted to replace Astrand with turnaround specialist David Shearer after the company’s share price fell by half over the last year.

Toscafund – which owns a 19.4pc stake – claimed Astrand lacked the ‘appropriate record or attitude’ to deliver and should stand down. But a special meeting called to vote on Astrand’s future saw the 69- year- old backed by 63pc of shareholders. However, Shearer was appointed a non-executive director, with 52.8pc of shareholders supporting his appointment.

Toscafund yesterday did not comment on its failure to remove Astrand, but said it ‘welcomed’ the shareholders’ decision.

‘Shareholders have sent a clear message that they require an improvement in Speedy Hire’s corporate governance,’ it said.

‘David Shearer will provide independent scrutiny of the board and its processes and also the necessary experience to help guide the company’s turnaround and rebuild shareholder value.’

Speedy Hire said it was ‘pleased that shareholders strongly support Jan Astrand’s position of chairman’, and said it welcomed Shearer to the board.

Relations between the two soured earlier this summer when Astrand blocked a merger between Speedy Hire and rival HSS Hire – in which Toscafund holds a significant stake.

Both sides have penned open letters in the ongoing battle, with Toscafund criticising Astrand’s appointments of Robert Contreras and Robert Barclay as independent non-executive directors. It said Barclay had a ‘complete lack of relevant board experience’, and Contreras had a ‘blatant lack of independence’ due to his close relationship with Astrand after the two worked together at vehicle hire firm Northgate for almost eight years.

But Speedy Hire rubbished these claims at yesterday’s meeting.