Pykett will receive a payment of £100,000 subject to tax. His original compensation claim, was thought to run into seven figures, but has now been dropped. A brief statement agreed by both parties declared: 'The parties are pleased to announce they have resolved to mutual satisfaction the differences which led to the termination of Mr Pykett's employment in February. Both the company and Mr Pykett are now able to put this behind them and concentrate on their respective commercial interests.'
Pykett remained tight-lipped after the announcement, saying only that he was happy and satisfied with the settlement and now had 'other irons in the fire.'
Pykett was 'relieved of his executive duties' as managing director of Cowie Financial Holdings in February amid allegations of 'gross misconduct and persistent misconduct' by the Cowie group. One of the highest profile figures in the fleet industry, Pykett had been seeking to clear his name, but the Cowie group refused to make any further comment on the issue.