Redbus coup bid comes to a stop

FLAMBOYANT internet entrepreneur Cliff Stanford has failed in his bid to take control of the web hotels company he founded, Redbus Interhouse. Only 43% of shareholders backed his attempted boardroom coup, which would have seen chairman John Porter and two other directors thrown off the board.

Stanford, who has been bitterly critical of the recent performance of the company, planned to put his own team in with himself as new chairman. The company is now worth only about £10m although the shares were up today 1/4p to 6 1/2p.

The vote marks the end of a bloody battle between Stanford, who made a £30m fortune selling internet service provider Demon, and the existing management, headed by Porter, who is the son of former Westminster council leader Dame Shirley Porter.