Acquisitor Holdings, which owns a 10.1% stake in Baltimore, last week exercised its right to call for an extraordinary meeting at which it will move to insert Buchler as chairman. The meeting will be held within the next three weeks.
The move was criticised as ‘opportunistic’ by Baltimore, which claimed it was an attempt to deprive shareholders of a premium by sidestepping the need to make a formal offer for the company.
But Buchler said: ‘I think the shareholders should now have the right to consider the option of staying with the existing board or putting faith in a new one with a proven track record.’ He described Baltimore’s fall from the FTSE 100 as ‘one of the largest decreases in market capitalisation value in UK history’.
London accountant Buchler is a former president of business recovery body R3 and co-founder of turnaround firm Kroll, previously Kroll Buchler Phillips.
The Baltimore job would be the most high-profile appointment for his recently launched turnaround business, DB Consultants. The firm promises to take on the responsibility of company directorships in the UK and Europe, a role it claims few turnaround businesses are prepared to contemplate.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children