Bust-up at Stock Spirits as investor calls for bosses to be replaced

Vodka-maker Stock Spirits’ AGM is set to become a showdown after a major shareholder demanded the heads of both its chairman and a director.

Western Gate Investments, which represents the family office of Portuguese cash-and-carry tycoon Luis Amaral and owns a 10% stake in the premium spirits maker, released a public note ahead of the London-listed firm’s meeting calling for chairman David Maloney and senior independent director John Nicolson - who have held their roles since 2013 - to be replaced.

The investor said it has “concerns over governance” and what it labelled as the company’s “malfunctioning M&A strategy and shareholder value destruction”.

Western Gate said its management believes Maloney and Nicolson “no longer demonstrate objective judgement”, adding: "Western Gate recognises that these two directors have given many years of service to Stock Spirits, however it is our view that a fresh set of eyes and a reshuffle of the board would add value."

The investor’s note also levelled criticism over write downs of brands the firm has acquired.