Ideal Shopping Direct chief executive Mike Hancox has denied that its founders are plotting to take the TV shopping group private after they ousted board members.
On Tuesday, Ideal founders Paul Wright and Valerie Kaye took over as chairman and non-executive director respectively after demanding a general meeting to overthrow some board members.
Non-executive chairman David Williams and non-executive directors Terry Donovan and Susan Ellis resigned from the board following the general meeting.
Hancox, whose role has not been affected, denied speculation that the move will pre-empt a de-listing of the business.
“Their key priority is to get the share price up. He can now get value for the investment without taking it private,” said Hancox. “I am looking forward to working with Paul – he has a real passion for the business.”
Between them Wright and Kaye hold almost 30 per cent of the shares in the business.