A potential boardroom takeover by Lakehouse founder Steve Rawlings has turned personal after senior management questioned his ability to effectively lead the company.

Mr Rawlings and Slater Investments have called for a shareholder meeting next month in an effort to oust the existing non-executive directors.

Previously, he left the board ahead of the company's stock market flotation in 2015, which has seen its share price fall dramatically

Mr Rawlings still owns 15.5% of the firm while Slater Investments owns 6.04%.

However, the Lakehouse board has now hit back and urged shareholders not to support the takeover.

The Board said: "Steve Rawlings' lack of involvement in the Group and track record as a director since 2012, together with his lack of experience as a director of listed companies, does not suggest that he has the necessary skill set to be able to provide a meaningful contribution to the Board or the Group going forward.


"The Requisitionists' actions have caused unnecessary disruption to, and uncertainty within, the operations of the business at a time when the Board wants to focus on the trading performance of the Group."

Lakehouse's Chairman, Chris Geoghegan, added: "Your Board is particularly concerned that the Requisitionists have not provided any information in relation to their strategic vision for the Company.  Their silence on this important matter is especially concerning given they are asking to remove every single Existing Non-Executive Director and to replace them with their own candidates.

"The Requisitionists' proposals would reduce the level of independence on the Board, damage the Company's compliance with the UK Corporate Governance Code and result in all the non-executive directors representing only one particular group of Lakehouse Shareholders in preference to other Lakehouse Shareholders.

"Accordingly your Board unanimously recommends voting against the Resolutions."

The forthcoming General Meeting will take place on 19 April 2016.

(LM/MH)