Stobart Group’s plans to partially divest its transport business, creating a new private company Eddie Stobart Logistics, has received the backing of shareholders at a general meeting today.

The plan was backed by more than 96% of shareholders earlier today, and is expected to complete within ten working days.

A special resolution to buy back up to 35.4 million ordinary shares as part of the transaction was also waved through with full shareholder support, attracting backing of 99.86%.

The deal will see William Stobart take the reins at the new firm. Stobart Group will retain a 49% holding in the company and ownership of the brand via a licence agreement.

Andrew Tinkler will remain as chief executive of Stobart Group, which will continue to develop its interests in energy, air and rail.