RE: STOB19 Sep 2019 09:08
Former Stobart Group boss prepares bid for troubled lorry firm Eddie Stobart
By CITY & FINANCE REPORTER FOR THE DAILY MAIL
PUBLISHED: 21:51, 18 September 2019 | UPDATED: 21:51, 18 September 2019
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The former boss of Stobart Group, Andrew Tinkler, is preparing a bid for the separate troubled lorry firm Eddie Stobart.
Tinkler, 56, has joined private equity firm Dbay in expressing an interest for the haulage firm, which is floundering in the wake of accounting errors.
He has met City investors to seek backing for a bid, but is not thought to have secured substantial funding.
Former Stobart Group boss Adrew Tinkler, pictured, has joined private equity firm Dbay in expressing an interest for separate troubled lorry firm Eddie Stobart +1
Former Stobart Group boss Adrew Tinkler, pictured, has joined private equity firm Dbay in expressing an interest for separate troubled lorry firm Eddie Stobart
A cut-price sale of Eddie Stobart would be a blow for under-fire fund manager Neil Woodford, the largest shareholder with a 23 per cent stake.
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Tinkler helped build Stobart Group into a well-known British infrastructure company and had been its chief executive until 2017, but was ousted in a bitter spat.
He failed in a bid for struggling airline Flybe earlier this year.
Eddie Stobart this week said it made £450million in revenue for the first six months of the year and had £155million of debt.
Its shares are suspended.
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