Cenkos is canvassing opinion among investors for a change of management at the top of Debenhams and the ousting of the chairman.
Sources close to the City broker have indicated that it is acting on behalf of institutions that own upwards of 20 per cent of the department store chain, although this could not be confirmed over the weekend. One source claimed that Nigel Northridge had been “asleep at the wheel for some time”.
His departure would almost certainly mean the replacement of Michael Sharp, the chief executive. However, it was not clear how much support there was among the Debenhams shareholder base for such a move.
It is claimed that the broker, which is known for its willingness to become embroiled in the affairs