Former Eddie Stobart Logistics boss Andrew Tinkler claims 'vast majority' of its shareholders back his takeover bid

Eddie Stobart’s former boss Andrew Tinkler (pictured) claims to have secured better-than-expected support from investors for a £70m rescue of Eddie Stobart Logistics (ESL), just days after announcing his intentions.

TVFB, a company controlled by Tinkler, said its proposed fundraising had already received conditional indications in excess of the £70m target, notwithstanding TVFB has not yet met a number of major shareholders.

Tinkler’s move comes after private equity group DBAY proposed injecting £55m into the business in exchange for a majority ownership.

Read more

• Andrew Tinkler announces firm bid for Eddie Stobart Logistics as Wincanton bows out
• Eddie Stobart Logistics questions Wincanton’s motives for pulling out of bidding race
• Eddie Stobart Logistics wins stay of execution on £200m loan

But in a statement from TVFB it said: “The vast majority of the ESL shareholders seen to date have indicated that they would vote against DBAY’s proposals at the general meeting of ESL on 6 December 2019 but would vote in favour of the second proposed resolution to increase the share capital which underpins TVFB’s proposals.

“On this basis, TVFB is ready to move quickly to work constructively with ESL’s board, nominated adviser and stakeholders to implement its proposals.”