Stanford loses the battle for Redbus

Serial entrepreneur Cliff Stanford is to sell his stake in Redbus Interhouse, the company he founded, after losing his battle oust the board.

Stanford planned to take control as chief executive and install Dan Wagner as chairman. To do this he needed to get rid of chairman Tony Porter(son of Dame Shirley Porter), finance director Carl Fry and managing director Kevin Neal, according to the Guardian.

But his plan was opposed by institutional investors and he lost the vote. Stanford is expected to sell the majority of his 29.9 per cent stake in the company.

Stanford told the Guardian: "I don't particularly want to own 30 per cent of a company run by John Porter. If institutions want to buy shares I'll listen to them."

Shareholders voted 66.5 million to 50 million against Stanford's plan.

Redbus shares rose slightly on the news.