The group, which includes Waverton Investment Management, CCLA, and Harwood Capital Management, is seeking to oust the chairman Stephen Paul Smith and David Steffan Francis from the Manchester-based organisation.

The company announced to the stock exchange on Thursday morning that it received a letter demanding a general meeting to vote on the resolutions.

The PRS REIT announcement said: “The letter requests that, at a general meeting, shareholders of the company consider and vote on ordinary resolutions to remove two of the five existing independent non-executive directors, the Chairman, Stephen Paul Smith and David Steffan Francis.

“The letter also requests shareholders vote to approve the appointment of Robert Graham Naylor as non-executive Chairman and Christopher Harwood Bernard Mills of Harwood Capital Management as a director.

“Harwood Capital Management holds 1.1% of the share capital of the PRS REIT.”

The statement added: “The company is taking advice as to the validity of the requisition letter, and a further announcement will be made in due course.”