Stobart Group has said a £25m windfall generated by a property sale this month will be held in cash pending reinvestment or used to repay debt. The windfall results from the sale by Stobart’s estates division of an investment property at Admiral Retail Park, in Eastbourne, which the firm took on in February 2012 for £22.1m, estates division CEO Richard Butcher told Motortransport.co.uk. Around £600,000 has been spent on improvements to the site during that period, he added. The deal […]
William Stobart has stepped down as a director of the business that bears his surname ahead of its float on the stock exchange on the 25 April.
Culina-owned contract packing services provider IPS has established a joint venture with Eddie Stobart Logistics to run a dedicated packing facility at Stobart’s Bardon, Leicestershire site, where it stores and distributes products for Nestlé.
Former Autologic chief executive Avril Palmer-Baunack has been appointed as deputy chief executive of Stobart Group. Palmer-Baunack also joins the board of directors at Stobart, which completed its acquisition of car transporter giant Autologic last month. Former deputy chief executive Richard Butcher becomes chief executive for Stobart’s property business At the same time William Stobart has re-joined the board of directors at the firm after he stepped down in March 2011. Rodney Baker-Bates, non-executive chairman of Stobart, said: ” With […]