Four directors quit Blue Oar’s board

Four directors quit City stockbroker Blue Oar's board today as Evolve Capital seized control of the boardroom.

Last week, Blue Oar's new owners called a general meeting to oust chief executive Andrew Monk, finance director Peter Joy, executive director Mark Brumby and non-executive director Gordon Lawson. Today, the niche investment bank said they have all resigned from their posts.

Evolve, a bidding consortium led by Blue Oar's founder Edward Vandyk, said it wanted to remove the directors because their involvement in a possible management buy-out of Blue Oar's stockbroking arm, Blue Oar Securities, had created a potential conflict of interest.

Bernard Leaver, an ex-managing director at Lehman Brothers, is Oar's new executive chairman. Justin Lewis replaces Monk as CEO, while James Noble and Michael Jackson become non-executive directors.

Evolve's £15.4 million offer for Blue Oar was declared unconditional on December 29.