Eddie Stobart CEO Alex Laffey is mulling a rebrand of the logistics firm’s 2,500 strong fleet, which could even see the iconic name disappear from Britain’s roads.

The review has been triggered by Eddie Stobart's need to renew its brand-use agreement with former parent group Stobart Group, which holds a 12.5% interest in the company as well as the brand rights under an agreement that ends in 2020.

Eddie Stobart can still use the brand at a cost of £3m a year after this, buy the name for use in the UK for perpetuity for £15m or acquire exclusive usage for £50m.

Laffey told The Times newspaper: “I am passionate about the brand."

"But . . . my shareholders expect me to do the right thing. We replace the fleet over a three-year cycle so the fleet could have another name on it in three years at no additional cost.”

According to The Times, Warwick Brady, chief executive of Stobart Group, said of the brand: “The name is ingrained in popular culture. It’s the backbone of the British economy.”

He added: “There is a real attachment to it. It is a household name and has more intangible valuable than you think.”

A spokeswoman for Eddie Stobart told MT: “Our brand is extremely important to us and we are very proud of our heritage.

"We have several options open to us when it comes to the brand name over the next few years, however no matter what approach we take, we will continue to build a successful brand – through acquisitions and organic growth – and will continue to be a name that customers and the public recognise and admire.”

Eddie Stobart Logistics made a successful return to the stock market last year.

However, it was the divestment of the haulage business from Stobart Group in 2014, which saw its former parent company retain the intellectual rights to the brand and the transport business enter into a licensing deal.