Neil Bellis and Lucy Cummings, the founders of consultant Erinaceous, look to be on the way out after activist shareholder Fursa demanded an extraordinary general meeting before Christmas to oust them.

Erinaceous was due to hold a board meeting as Building went to press this week and it is understood that Bellis and Cummings could be forced to stand down immediately.

Fursa, a US hedge fund that controls 19% of Erinaceous, says it has secured the required amount of support.

Fursa said: “The board has to call the meeting or we will call it. They have 49 days now to do so.”

Fursa declined to comment further, but an insider at the fund said: “Basically we want Bellis and Lucy out as soon as possible so we can sort this company out.”