Stobart To Keep On Trucking In £280M Sale DealFri, 07 Mar 2014 00:00:00 -0800
FANS of the well known trucking business Eddie Stobart might be surprised to learn that the company has been sold.
However, the iconic name won't vanish from the nation's roads despite the £280 million sale to investors. The business, which employs around 5,000 people and operates 2,300 vehicles, will be led by the founder's youngest son, William Stobart.
The Stobart Group will retain a 49% stake in the truck company as well as the rights to the Eddie Stobart name, and the sale will enable it to almost wipe out debt and focus on its operations in the energy, air and rail markets.
Stobart will receive £195.6 million for the Eddie Stobart operation, as well shares worth £44.1 million in the new venture. Most recently the subject of a television series on Channel 5, the company counts Tesco among its major customers.
By Press Association reporters