Troubled haulier Eddie Stobart Logistics (ESL) has won a six-month breathing space on repaying a £200m loan and more than a year’s extension before it has to prove to its lenders it can service the debt. The rescue plan sees Allied Irish Bank, Bank of Ireland, BNP Paribas, and KBC waive the firm’s banking covenants until early 2021 and defer loan repayments until July next year, according to reports. The plan was put together by private equity fund DBAY Advisors, […]
Stobart Group has taken delivery of two Iveco Ecostralis units as part of a three-year trial. The vehicles’ performance will be monitored in upcoming months as the pair operate from its depot in Carlisle. The trucks, named Sophie and Lynda Dawn, are expecting to remain in the fleet for three years running some 160,000km a year. Stobart’s fleet comprises of over 2,250 tractor units, preominantly Scania and Volvo but in April the firm took delivery of 18 Mercedes-Benz Actros units […]
Wincanton will be back in the black this financial year as the group’s extensive restructuring and disposals programme bears fruit. Wincanton chief executive Eric Born tells MT: “When [we] started this programme we said it would take two years to arrest the decline. We are bang on track. It’s absolutely what I’m expecting.” A year of restructuring and disposals saw it sell its European operations to focus on the UK and Ireland, dispose of its 20% shareholding in Culina Logistics […]
Wincanton has won two new five-year contracts with well-known breakfast brand The Weetabix Food Company to provide transport, warehousing and co-packing.