Chesterton has fired the two directors opposed to Mohammed Jafari-Fini's £10m takeover bid.
In an announcement to the Stock Exchange this morning the company said that chief executive officer Neil List and chief operating officer Mike Backs ‘have ceased to be employed by the company’. However, they remain as directors ‘at the present time’.

Chesterton attributed the pair’s dismissal to their ‘not observing a clear and specific instruction concerning an announcement’ – thought to refer to List and Backs’ announcement last Thursday that the company had received a second bid approach.

Their departures come just nine days after those of Tony McKay, managing director of commercial, and Colin Stacey, finance director of commercial and residential.

An executive committee, including four senior managers chaired by executive director Gavin Black, has assumed day-to-day operating responsibility for the company.

The announcement came today, as the company considers a bid from 11% shareholder, Mohammed Jafari-Fini who last Thursday made a formal 12p a share offer for the company.