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David Nabarro, who bought a 21.5% stake in the company on 3 June, has called for an extraordinary general meeting and has written to fellow shareholders asking for support to remove the entire current board of McInerney and replace it with himself and his colleagues John Garratt and Kevin Lynch.
Mr Nabarro says he is “appalled and shockedby the collapse of McInerney and its various subsidiaries”.
McInerney's UK subsidiaries went into administration in April with debts of £225m.
In 2007 McInerney had a market capitalisation of €600m. While Nabarro recognises the recession has been significant in McInerney’s demise, he blames the board for taking on “an insupportably high level of debt”.
Mr Nabarro has set up a website, www.savemcinerney.com, detailing his case against the current McInerney board.
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