Fitzwalter Capital demands new chair and strategic review at Auction Technology Group

Fitzwalter Capital has resumed its campaign against the management of Auction Technology Group, calling for the removal of the current chair and the initiation of a strategic review. The activist investor, which holds the largest stake in the FTSE 250 constituent, issued a statement on Monday urging shareholders to vote out Scott Forbes. The firm accused Forbes of overseeing five years of value destruction at the online auction platform. Fitzwalter has convened a general meeting where investors will decide on these proposals.

The investor’s nominee to replace Forbes, Richard Campbell-Breeden, would launch a review exploring options such as a share buyback programme or a full sale of the company. This renewed pressure arrives just six months after Fitzwalter abandoned a hostile takeover bid. During that earlier campaign, the firm made nearly a dozen offers that were rejected by the board. ATG management argued that the final bid, which implied a 33 per cent premium, fundamentally undervalued the business. Fitzwalter had previously accused the board of disastrous oversight during those negotiations.

Auction Technology Group responded by expressing disappointment at the latest move, describing it as an unnecessary and unwarranted distraction from its strategic delivery. The board stated that the criticism did not reflect the significant progress and momentum within the business, noting that the share price has risen 72 per cent since the start of the year. However, the stock has lost more than 65 per cent of its value over the past five years. This decline has been attributed to structural headwinds and difficulties in integrating Chairish, a loss-making US rival acquired in 2025. Despite the long-term drop, shares have rallied by more than two thirds so far this year, signalling a potential recovery.

Andrew Gray, a partner at Fitzwalter, maintained that replacing the chair would allow for an independent strategic review. He argued that this process would give shareholders the final say on the company’s future. The investor is seeking a review that considers both a buyback and a sale, though it stated it is not committed to a sale unless offers deliver appropriate value. Fitzwalter also promised not to bid for the company if a sale process is initiated, vowing instead to support any bid recommended by the board. Campbell-Breeden, a former Goldman Sachs investment banker, emphasised his independence from Fitzwalter and stated that he had not prejudged the outcome of any review. He added that the priority is a rigorous and open-minded process focused on delivering the best outcome for all shareholders.