Sources close to UK automotives services firm Inchcape have hit back at suggestions by leading shareholder Guinness Peat Group that its operating structure is inappropriate and that the company should give back money to shareholders.

Guinness Peat, the UK activist fund manager, holds a 16% stake in Inchcape and is well known for its aggressive stance on improving shareholder value. Inchcape, however, is likely to take on board some of Guinness Peat's suggestions but not necessarily all of them, said the source.