Hawk Investment Holdings, Seraffina Holdings and Retro Grand between them own more than 5% of Media Square, which in turn owns the research agency Illuminas.

The shareholders are seeking to put resolutions before other investors to remove Parry (pictured) as a director, and to elect new directors – namely Hawk Investment owner Bob Morton and David Wright and Keith Springall, both of whom used to run Media Square back when it was known as Incepta.

Media Square’s board said it would consider its position before writing to shareholders. A spokesman for the company said no further comment would be made at this time.

Parry was brought into the company in June 2007 to lead a review of the business, which faced a series of integration challenges resulting from what Parry described as “an over-aggressive acquisition strategy”.

In its most recent results Media Square reported a 44% rise in operating profit to £2.3m. Although overall revenue was down, the firm went from a reported loss of £25.6m in the previous year to £747,000 for the 12 months ended 28 February 2009.

The attempt to oust Parry follows recent successful moves by the Media Square board to block a major shareholder, Peter Lynch of Prime Active Capital, from becoming a director of the company.