The organization of the firm wincanton faces growing discontent among shareholders after a large investor called again to break up and accused bosses of the overpayment.
In a letter to President Stewart Oades, obtained in the “Sunday Telegraph”, Gatemore repeated proposals to offload parts of the business.
The Fund, which owns 2pc of the company’s shares, says that in Wincanton, the UK’s largest logistics operator is really two different businesses with small natural: one that delivers parcels and retail grocery, and that the Supply of goods containers for the construction sector.
Sale of either the Department of mobilization of funds that can be pumped in Wincanton pension provision and increase the share price to 425p, Gatemore claims. Shares trade at 260p, valuing it at £320M.
The Fund also insists on shaking up the Executive salaries that would pay more closely to performance. Wincanton boss Adrian Coleman earns two and a half times that of outgoing Royal Mail boss, Gatemore said.
The demand comes days after a fifth of shareholders voted against pay policy at Wincanton. From wincanton has a 3,600-strong fleet of 18,000 vehicles with a workforce person. He rejected criticism over pay-saying it was focused on the value of the shares as debt and the pension deficit decrease, and earnings per share increases.