Activist Makes Last-Ditch Bid to Unseat ATG Chair

By the Editorial Team · Tuesday, October 27, 2026

FitzWalter Capital, holding over 27% of Auction Technology Group (ATG), has proposed replacing chairman Scott Forbes with Richard Campbell-Breeden to lead a strategic review and potential sale of the company. This move reflects FitzWalter’s push to better align ATG’s leadership with its largely US revenue base and explore opportunities for maximizing shareholder value through a possible relocation or sale.

FitzWalter Capital, the largest shareholder of Auction Technology Group (ATG) with a stake exceeding 27 percent, has initiated a move to replace the company’s chairman ahead of a proposed sales process. The British investment firm has called for a general meeting to remove Scott Forbes and appoint Richard Campbell-Breeden, a former Goldman Sachs investment banker, as chairman.

FitzWalter argues that fresh leadership is needed to oversee a thorough strategic review, including consideration of a potential full competitive sale of the company. Founded by former Macquarie banker Ben Brazil, FitzWalter has criticised ATG’s London-based operations, stating that managing the business from the UK adds extra costs and creates a disconnect between the board and the company’s largely American revenue base, which accounts for about 80 percent of its income. FitzWalter suggests the company could attract greater value from US private equity and strategic buyers if it relocated or focused on the American market.

The investor also expressed concern over the board’s handling of the potential sale of ATG’s industrial and commercial division. ATG disclosed in January that it had held preliminary discussions with three potential buyers, including FitzWalter, but these talks did not progress past an exploratory phase.

Andrew Gray, a partner at FitzWalter, criticised Forbes for “five years of value destruction” and insisted that his replacement was necessary to enable an independent strategic review and to explore a possible sale, emphasizing shareholders’ right to have the final decision.

ATG, which is listed on the London Stock Exchange, initially priced its shares at 600p during its 2021 public listing. The company’s stock fell following a profit warning issued in August 2025 but has since rebounded strongly, rising nearly 80 percent since early 2026. Last week, ATG announced that its full-year revenue and adjusted earnings were expected to slightly surpass market forecasts.

Campbell-Breeden, the proposed new chairman, stated that he would act independently of FitzWalter and exercise his own judgment if appointed.

Since September 2025, FitzWalter has submitted 12 takeover bids for ATG, with the final offer valuing the company at £491 million. However, it abandoned its bid in February after other major shareholders declined to support the proposal, and the investment firm indicated it does not intend to make a new offer.

ATG’s board expressed disappointment over FitzWalter’s requisition notice, describing it as unnecessary. Following the announcement, the company’s shares dropped 1.6 percent to 471.5p.

Led by Chief Executive John-Paul Savant, ATG operates the online auction platform known for hosting the popular television show Bargain Hunt.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.