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Former ESL auditors fined over accounting failings
Accounting firms KPMG and PwC have been fined over their audits of Eddie Stobart Logistics (ESL) for “not satisfying the relevant requirements”.UK accounting regulator, the Financial Reporting Council (FRC), said there were “numerous, serious and pervasive failings” in PwC’s 2018 audit of ESL and “some serious failings” in KPMG’s 2017 ...
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MT ArticleMeet the MT Awards 2022 winners - Service to Industry Award partnered with Aquarius IT
William Stobart (second left) collects the trophy from Guy Reynolds, director of Aquarius IT (second right)WILLIAM STOBARTWilliam Stobart, deputy group CEO at Culina, was born in Cumberland in 1961, the fourth child of Eddie and Nora Stobart. After starting out as a teenager working in the family business, 45 years ...
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MT ArticleEddie Stobart steers path to recovery as losses cut by 77%
Eddie Stobart Limited (ESL) slashed its losses by 77% in 2020 after exiting a number of “unprofitable” contracts, implementing cost cutting measures and applying a new accounting standard.However, its decision to turn its back on its “uneconomic” industrial, retail and bulk contracts also saw turnover fall by 7% in the ...
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MT ArticleEddie Stobart upbeat on first half-year results under new ownership
GreenWhitestar Acquisitions (GWSA), the holding company for Eddie Stobart Limited (ESL), has given a positive trading update for the first half of the 2020 financial year.In the first six months of the new ownership structure led by executive chairman William Stobart and chief financial officer Brian Corrway, GWSA reported revenues ...
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MT ArticleThe Pallet Network will be key to our growth, says KPI Transport
The Pallet Network (TPN) has signed Slough-based new-to-networks operator KPI Transport.KPI came into new ownership in June 2020 and director Ray Burke said TPN membership is key to expanding its fleet, customer base and range of services.Traditionally KPI has consolidated loads into Ireland, as well as offering general haulage, ADR ...
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MT ArticleThe Pallet Network sees profits rise under Eddie Stobart Logistics' ownership
The Pallet Network (TPN) continued to thrive in its first full year after being acquired by Eddie Stobart Logistics (ESL), according to its latest annual results.TPN, which was bought for £52.8m by ESL in June 2018, reported a “strong year” in all areas, despite the impact of Brexit, with a ...
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MT ArticleEddie Stobart Logistics annual results make “difficult reading” as company records £238m loss
Eddie Stobart Logistics (ESL) made a statutory loss of £238.9m last year after ratcheting up exceptional costs of £200.2m, including a £169.2m impairment charge.Announcing its annual results for the year to 30 November 2019, chairman Adrian Collins said the report made “difficult reading” but insisted the company is putting “these ...
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MT ArticleWilliam Stobart appointed director of Speedy Freight
William Stobart (pictured) has been appointed director of franchised B2B express freight service Speedy Freight.Eddie Stobart Logistics (ESL) has held a 50% stake in Puro Ventures, which trades as Speedy Freight, since 2017 but it was only last week that William became director of the company.One the same day, Brian ...
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MT ArticleRedundancies on the cards at Eddie Stobart Logistics
Eddie Stobart Logistics (ESL) is preparing to make redundancies across the group, motortransport.co.uk has learnt, with sources claiming around 100 jobs are at risk.The company confirmed this week that redundancies are on the cards but declined to say how many jobs are under review.In a statement ESL said: “Like many ...
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MT ArticleEddie Stobart Logistics audits under investigation by UK accounting watchdog
An investigation into two audits of the accounts of Eddie Stobart Logistics (ESL) has been launched by the UK’s accounting watchdog.The Financial Reporting Council (FRC) is investigating KPMG’s audit of ESL’s accounts for the year ended 30 November 2017 and an audit carried out by PWC for the year to ...
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MT ArticleThe Pallet Network hails acquisition by ESL as opportunity to drive growth
The Pallet Network (TPN) has hailed its acquisition by Eddie Stobart Logistics in June 2018 as a positive move which has opened the door to “accelerated growth”.Despite ESL's continued financial turmoil, TPN revealed that it delivered turnover of £84.3m in a reporting period spanning only eight months to 30 November ...
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MT ArticleEddie Stobart Logistics reveals £200m pre-tax loss as staff demand reassurances
Interim results for Eddie Stobart Logistics (ESL) show that the troubled firm made a loss before tax of £199.8m in the six months ending 31 May 2019.The consolidated results had been delayed following an announcement by the company in August 2019 that work was being undertaken “to clarify the impact ...
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MT ArticleNew Wincanton chief executive: "We'll target supply chains that are less mature"
“It’s been a bit of a rollercoaster start,” James Wroath laughs, as he begins describing his first five months as chief executive of Wincanton.Most notably, of course, he immediately threw himself into the battle for control of Eddie Stobart Logistics, whose shares were suspended on his fourth day in the ...
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Eddie Stobart Logistics CFO Anoop Kang to leave in April
Another key management figure is to leave Eddie Stobart Logistics, the company has revealed.Chief financial officer Anoop Kang has resigned, just weeks after ESL chief executive Sebastien Desreumaux handed in his resignation.This latest boardroom departure comes as the company prepares to issue its first financial statement since its takeover by ...
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MT ArticleEddie Stobart Logistics CEO Sebastien Desreumaux to leave at the end of the month
Eddie Stobart Logistics (ESL) has announced that Sebastien Desreumaux, who became CEO in August 2019, has resigned from the board of Greenwhitestar Acquisitions (GWSA) – the subsidiary which holds all of the trading entities within the Eddie Stobart Group – and will leave at the end of the month.A statement ...
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MT ArticleEddie Stobart Logistics saved as DBAY Advisors wins out over former boss Andrew Tinkler
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 ...
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Eddie Stobart Logistics lines up Deloitte for potential administration ahead of crunch shareholder vote on its future
Troubled 3PL Eddie Stobart Logistics (ESL) is reported to be lining up accountancy firm Deloitte to prepare it for insolvency if shareholders reject a rescue package from private equity firm DBAY Advisors.Investors will vote on whether to accept the deal tomorrow (6 December) and the Daily Telegraph claims ESL's holding ...
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MT ArticleFormer Eddie Stobart boss Andrew Tinkler increases bid and buys 6.5% stake
The two-way battle for control of Eddie Stobart Logistics (ESL) has taken another twist after former CEO Andrew Tinkler (pictured) promised to inject a further £10m of equity into the troubled haulier if his bid is successful.The move would see Tinkler's overall offer rise to £80m, in part to repay ...
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DBAY warns Eddie Stobart Logistics shareholders to vote for its proposal or face "imminent liquidity shortfall"
Eddie Stobart Logistics (ESL) will see lenders pull out and face an “imminent liquidity shortfall” if shareholders reject DBAY Advisors’ takeover bid, DBAY warned this week.The warning follows reports that advisers to Andrew Tinkler, the former Eddie Stobart Logistics chief executive, are preparing to lodge a formal appeal with the ...
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MT ArticleFormer 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, ...