The chairman and chief executive of UK photo booth provider Photo-Me International have offered commitments to retire in an attempt to appease two of Europe's busiest activists, Cycladic Capital Management and Principle Capital Partners.

The board of directors have proposed that Vernon Sankey, chairman of the company, will not seek re-election at the next annual general meeting, scheduled for October; and that Serge Crasnianski, chief executive, will formally announce his intention to retire and and will step down as soon as the sale of the company's vending division, which has been in train since May, is completed.