The directors of Parkwood Property Investments have successfully ousted the board of listed investment trust Gresham House.

Gresham board members, including chairman Alfred Stirling and directors Nick Lowe, Tom Lowe and Richard Lane resigned five months after Parkwood, a joint venture between Parkwood Asset Management and Revcap which owns a 29.9% stake in the quoted investment trust, proposed at its last annual general meeting to replace them with its own directors.

The proposal was made after Parkwood’s directors expressed concern over the company’s property strategy following the collapsed sale of two sites at Speke Boulevard in Liverpool.

The new board comprises Parkwood’s Derek Lucie-Smith who will be CEO and John Lorimer who will be a property director.

It also includes Rosemary Chopin-John. Existing Gresham director Antony Ebel remains as non-executive chairman and Brian Hallet, who was Gresham’s finance director, keeps his role.

In a statement made to the Stock Exchange today, Ebel said: ‘I would like to thank Alfred Stirling, Nicholas Rowe, Thomas Rowe and Richard Lane for their willingness to tender their resignations as directors so as to avoid any further conflict between major shareholders that could only adversely affect the company.

'The new board looks forward to working together for the benefit of all shareholders.’