Stobart Group has completed the partial divestment of its transport division.

In a statement to the London Stock Exchange this evening it said: “Stobart, the infrastructure and support services group, announces that the partial realisation of its transport and distribution division, as described in the company's announcement of 6 March 2014, has been completed.”

Shareholders of the firm backed the move at the end of last month at a general meeting, as well as a special resolution to buy back shares.

Stobart Group revealed in March that has sold a 51% stake in its transport division to Douglasbay Capital (Dbay) – the former owners of TDG - for £280.8m.

The move sees William Stobart become chief executive of the newly formed, and once again privately owned, Eddie Stobart Logistics.

Under the terms of the deal, the LSE-listed Stobart Group has retained a 49% stake as well as the Eddie Stobart brand itself via a licence agreement. 8% of the total vehicle fleet will remain aligned to its Stobart Biomass fuel supply business also.

Stobart Group also retains the majority of the freehold properties used by Eddie Stobart Logistics.

Topics