Auction Technology Group's largest shareholder called on Monday 26 October 2026 for the removal of the online auction operator's chair and a strategic review including a possible sale. FitzWalter Capital, which owns 27.2% of ATG, has requisitioned a general meeting to remove Scott Forbes as a director and appoint fellow ATG director Richard Campbell-Breeden in his place. If the resolutions pass, FitzWalter will ask the board to appoint Campbell-Breeden as chair.

Why FitzWalter wants a review

FitzWalter argues that ATG is principally a US business, more than 80% of its revenue comes from US operations, but is held back by its UK listing and London headquarters. It says a principally US business is best overseen from the US, and that ATG is likely to be more valuable to US private-equity and strategic buyers. The proposed review would consider options including a share buyback and a full competitive sale process.

What FitzWalter will not do

FitzWalter has ruled itself out as a potential bidder and says it will provide irrevocable undertakings to support any bidder recommended by ATG's board. Under its Rule 2.8 announcement, it also states it does not intend to make an offer for ATG. Earlier this year ATG rejected a series of takeover approaches from FitzWalter, citing undervaluation. ATG had no immediate comment on the latest move, and its shares fell as much as 2.4% to 467.8 pence in early trading on 26 October before paring losses to down 0.5% by 08:28 GMT, according to Reuters.