Andrew Tinkler, former boss of Eddie Stobart, is putting together a £75m rescue bid for ailing Eddie Stobart Logistics (ESL), according to reports.

Tinkler, who headed up the business as part of the Stobart Group until 2014, is reported to  be putting together a £50m package, with an additional £25m being raised by shareholders. He is reported to claim the deal will preserve value for shareholders.

Tinkler told City AM: “Shareholders do take my offer seriously, and even Stobart Group has supported me on this transaction. They see what I am trying to do is preserve value for shareholders.”

The move follows a £55m bid by DBAY Advisors last week which would give the private equity firm a 51% stake in the company. The £55m would be raised through a high interest rate loan.

DBAY owned 51% of Eddie Stobart before it floated on the AIM stock market in 2017. By October this year its holding had reduced to 11% .

Announcing the offer from DBAY last week, ESL revealed that it is expecting losses of £12m  "or higher" when its delayed half-year results are finally published.

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Tinkler added he was confident he could work with the board despite previous bitter clashes, which ended in a court case. “We put that stuff behind us,” he said adding that the new chairman David Shearer “respects what I am trying to achieve and supports my solution”.

Wincanton, which is also in the running to make an offer for ESL, said this week it is continuing its due diligence and that the company “had not changed its position”.

Last week Wincanton warned ESL shareholders to only consider DBAY’s bid for the troubled company once the auditor has released the results of its review into the company’s finances.

Wincanton is warning that without the auditor PWC's financial review of ESL, shareholders cannot make an informed decision on any bid. It is calling on ESL to prioritise the publication of the review to shareholders.

Wincanton's deadline to make a bid for ESL has been extended to 27 November, following DBAY's offer.

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