The combination of the £16m sale of its former automotive logistics division and securing a “significant” customer wins towards the end of its last financial year helped Eddie Stobart Logistics generate a £21m surplus, which was used to repay its debt.

It sold its automotive logistics arm to WeBuyAnyCar.com-owner BCA Marketplace at a profit of £7m. BCA Marketplace paid £16m in cash for the business in August.

Its former parent Stobart Group, which has a 49% stake in the haulier, said it expects to see the full benefit of the new contracts, the nature of which were not disclosed, in “future periods”.

In its results announcement today (12 May), Stobart Group added that Eddie Stobart Logistics continued to grow and generated a surplus of £21m during the year to November 2015.

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