Endeavour chairman Peter Hearl has no intention of relinquishing the top board seat at the pubs and liquor retailer, but admitted that “there is much more to do” to restore its sagging share price and repair its relationship with No.1 shareholder Bruce Mathieson.

He accused the pubs billionaire of exerting “disproportionate control over Endeavour without paying for it” and of using incomplete information to destabilise the company, in Mr Mathieson’s campaign to shake up the board.