Auction Technology Group's largest shareholder has called for the removal of the British online auction operator's chair and a strategic review of the company, including a possible sale.

FitzWalter Capital, which owns 27.2% of ATG, has requisitioned a general meeting to remove chair Scott Forbes as a director and appoint fellow ATG director Richard Campbell-Breeden in his place. If shareholders back the resolutions, FitzWalter wants the board to appoint Campbell-Breeden as chair and to oversee a comprehensive strategic review, covering options including a share buyback and a full competitive sale process.

Why the investor wants change

FitzWalter argues that ATG is principally a United States business that is held back by its UK listing and London headquarters. More than 80% of the group's revenue comes from its US operations, and its main marketplaces — LiveAuctioneers, Proxibid and Chairish — are American. In FitzWalter's view, a US-based owner would be better placed to run the business without the costs of a UK listed company, and could pay shareholders for savings the London market does not currently recognise.

Market reaction and next steps

ATG did not have an immediate comment on the latest development. Its shares fell as much as 2.4% to 467.8 pence in early trading on Monday, before paring losses to trade down 0.5% by 08:28 GMT. Under the takeover code statement issued alongside the requisition, FitzWalter has also stated that it does not intend to make an offer for ATG, and will be bound by the usual six-month restriction on making an offer, subject to the code's exceptions.

Shareholders will now decide whether to back the proposed board change — and, with it, a review that could reshape the future ownership of one of the UK market's specialist online auction groups.