Mr Ives is still a substantial shareholder in the publicly-listed business, owning 4%. He and some fellow disaffected shareholders totalling 14% are seeking to requisition the board of directors to call a general meeting of shareholders. Their aim is to remove non-executive chairman Michael Henderson and install Mr Ives as chairman.
During Francis Ives' 19 years as senior partner or chairman of Sweett, the company was sold to Chesterton in 1994 and then the subject of a management buy-out in 1998 鈥� which he led 鈥� before floating on AIM in 2007.
Explaining his desire to return to Sweett鈥檚 boardroom, Mr Ives told 海角社区app: 鈥淭he company has a weak balance sheet with too much debt and cannot fund the working capital it needs to support its own growth plans.
鈥淚 ran the business for many years without losses and have the experience to lead the business back into good health.鈥�
Sweett鈥檚 board opposes his return, stating: 鈥淪weett Group has best practice corporate governance processes and procedures in place for hiring new directors to the board through its nominations committee. As such, the board does not support the proposal put to the company and does not consider it to be in the best interests of shareholders. Sweett Group will make a further announcement in due course. In the meantime shareholders are advised to take no action.鈥�
Former Sweet chief financial officer Michel Kemsley described Ives鈥� initiative as 鈥渢he best news Sweett's clients, employees and shareholders will have heard in a long time鈥�.
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