Auction Technology Group's management has been accused of presiding over a period of 'extreme shareholder destruction' by its largest shareholder, Fitzwalter Capital. The blistering attack marks the latest escalation in a bitter feud that has seen the London-listed auction platform provider reject 11 separate takeover approaches from the private equity firm.
A Scathing Indictment of Board Performance
In a market update on Monday 12 January 2026, Fitzwalter partner Andrew Gray launched a direct assault on the ATG board's record. He cited catastrophic share price declines as evidence of 'disastrous oversight'. The firm highlighted that ATG's share price had fallen by 51% over one year, 46% over two years, 64% over three years, and 82% over four years.
'The board… is totally and completely detached and divorced from their track record, as evidenced by the share price performance,' Gray stated. He further accused ATG's leadership of failing to properly engage with any of Fitzwalter's numerous offers.
Eleven Bids and a Battle Gone Public
The conflict moved into the public arena last week after Fitzwalter threatened to disclose its manoeuvring. ATG was forced to confirm it had received and rejected a barrage of bids from the firm, starting in September. The most recent offer, made on 23 December, valued the company at approximately £436 million. This represented a 33% premium to ATG's share price before Fitzwalter's interest became public knowledge.
ATG's board dismissed the bids as 'opportunistic and highly conditional' proposals that 'fundamentally undervalue the company'. The board argued the approaches cynically exploited the gap between its market valuation and its perceived intrinsic 'fair value'.
The Troubled Chairish Acquisition Fuels the Fire
Fitzwalter's criticism extends to ATG's strategic decisions, particularly its $85 million (£63.1 million) acquisition of the loss-making online marketplace Chairish in August. The deal, funded by debt, saw ATG's share price collapse by over 21% in a single day.
The private equity firm calculated that, including integration and adviser fees, the purchase cost over 20% of ATG's total market capitalisation. In a pointed remark, Fitzwalter wrote: 'If… the board remain proud of (to the point of trumpeting) their “conviction” – shareholders can ill afford any more of the board’s conviction.'
This acquisition compounded existing challenges for ATG, which has reported slowing sales and rising debt. In its latest full-year results, net debt surged by 52% while earnings per share fell. CEO John-Paul Savant admitted the company was 'not delivering financially'.
The public spat leaves ATG shareholders caught in a war of words between a disgruntled major investor and a board defending its strategy and independence. The outcome will hinge on whether other shareholders side with Fitzwalter's damning assessment or back the incumbent management's long-term vision.
