Eddie Stobart Logistics (ESL) has received a “highly preliminary expression of interest" from former boss Andrew Tinkler who ran the company for a decade until 2014.
The move comes only days after ESL revealed it had received a separate takeover bid from one of its current shareholders, Dbay Advisors.
Dbay bought 51% of the ESL business from Tinkler five years ago.
It is understood Tinkler is interested in participating in a refinancing of ESL which could involve a takeover bid. His approach was made via TVFC (3) Limited, a company controlled by Tinkler.
Financial sources have suggested he has met City investors to seek backing for the bid and requested access to materials required to conduct due diligence on the company.
In a trading update to investors, ESL has warned that 2019 profits will be “significantly below the board’s expectations”.
Last month, ESL suspended shares on the AIM market and announced the departure of CEO Alex Laffey after it failed to publish its half-year results in time.
The company said it expected revenue for the first half of the year to be approximately £450m and underlying EBIT for the same period to be in the range of £10-11m.
Net debt at 31 May is expected to be approximately £155m.
The board blamed the downturn on “an adverse performance against an ambitious budget alongside delays in the implementation of operational efficiencies”.
Other contributing factors included “provisions made against customer recoveries, a significant proportion of which relate to underperforming contracts" as well as "delays on a significant property consultancy project and lower than planned property utilisation”.
ESL confirmed it is "considering all strategic options (including the potential for raising new equity) and is currently engaging with its lenders".
