Stobart Group has completed the partial divestment of its transport division.
In a statement to the London Stock Exchange this evening it said: “Stobart, the infrastructure and support services group, announces that the partial realisation of its transport and distribution division, as described in the company's announcement of 6 March 2014, has been completed.”
Shareholders of the firm backed the move at the end of last month at a general meeting, as well as a special resolution to buy back shares.
Stobart Group revealed in March that has sold a 51% stake in its transport division to Douglasbay Capital (Dbay) – the former owners of TDG - for £280.8m.
The move sees William Stobart become chief executive of the newly formed, and once again privately owned, Eddie Stobart Logistics.
Under the terms of the deal, the LSE-listed Stobart Group has retained a 49% stake as well as the Eddie Stobart brand itself via a licence agreement. 8% of the total vehicle fleet will remain aligned to its Stobart Biomass fuel supply business also.
Stobart Group also retains the majority of the freehold properties used by Eddie Stobart Logistics.
