German shareholder Frankfurter Aktienfonds fur Stiftungen, which hold 8.9% of the firm, plans to table a motion for shareholders to vote on removing Holt and appointing a new non-executive director.

Holt, aged 63, is also chairman of maintenance contractor Lakehouse and healthcare service provider Totally.

He built the then little known Gloucestershire contractor up from a £12m business with 83 staff, leading Mears’ flotation on the stock market in 1996, to today’s £900m group operating in the care and housing maintenance sectors with over 12,000 staff.

The general meeting will be held within 28 days.