The battle for control of Gresham House, one of the UK’s oldest property companies, has intensified after the largest investor urged fellow shareholders to oust the board. Financial Times

Parkwood Property Investments, the vehicle of Derek Lucie-Smith and Robert Maxted yesterday wrote to Gresham shareholders setting out the extent of its concerns over the management of the company.

Parkwood has built a 29.9% stake in Gresham, but says it no longer intends to launch a takeover.

Instead, Parkwood wants to take control of the board and strategy by replacing four Gresham House directors with three of its own nominees, including Lucie-Smith and Maxted.