Eddie Stobart Logistics (ESL) has been saved from the threat of administration after shareholders voted to accept a takeover bid by private equity firm DBAY Advisors. DBAY will take control of ESL’s assets in a £75m bailout backed by William Stobart, fourth child of its founder Eddie, in a deal that gives it an eleventh-hour reprieve following reports that accountancy firm Deloitte had been lined up to prepare it for insolvency. The deal, which sees DBAY take a 51% stake […]
20) Andrew Tinkler, chief executive, Stobart Group Tinkler strengthened his position at the top of Britain’s best known haulage firm at the beginning of 2013. He survived an attempted boardroom coup, that could have seen former Autologic boss Avril Palmer-Baunick take charge of the group as a whole, potentially breaking up its constituent, multi-modal parts. That came to nothing in the end and Tinker was able to calm the waters, as Palmer-Baunick left in May.
Eddie Stobart saw turnover and earnings grow in the first six months of its financial year, but the cost of refinancing, its stock market listing and the end of an Irish retail contract resulted in a pre-tax loss.
Civil war on the DX board, Eddie Stobart Logistics hitting the stock market and industry opinions on the Bath tipper case make up the latest episode of the Motor Transport Podcast.