Greg Hutchings said he would not walk away from Lupus Capital after he lost a crucial shareholder vote that would have reinstated him at the engineering investment company, from which he was ousted as executive chairman in July.

“I still have £9m invested in the business, I still believe strongly in the company, I still feel it has got a good management team who I work well with,” Mr Hutchings said on Friday. “I will be scrutinising what [the directors] do and reviewing what they said at the meeting today.”