Eddie Stobart Logistics management made it difficult for KPMG to obtain “sufficient audit evidence” as it tried to compile the company’s annual accounts, which prompted the accountancy firm to resign as its auditor. In a formal resignation letter to Eddie Stobart management, sent in November last year, KPMG stated: “Our reason for resigning is due to a breakdown in our relationship with management which followed difficulties in obtaining sufficient appropriate audit evidence during our audit of the company for the […]
Eddie Stobart Logistics saw its turnover and profit grow in its first full trading year under the majority ownership of private equity firm DouglasBay Capital, despite what it described as difficult trading conditions in its core markets.
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 […]
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. […]