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While only the boss of Northern Rock has lost his top seat since the credit crunch hit a small group of Prestbury’s shareholders thought heads should roll at a mortgage network.

Shareholders Arlington special situations fund and Armadillo Investments called for the removal of Mr Birkett, chief executive, and his finance director mother Lynne as directors of the mortgage network at the end of July.

The rebel shareholders said they had lost confidence in the corporate governance standards at Prestbury and believed the company suffered too many conflicts of interest with certain members of the executive team.

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