Stobart group sells 51% stake in trucks division
It has emerged that the Stobart Group has recently successfully completed the sale of a 51% stake in the company to the Isle of Man investment manager DBay Advisors. The intention of the sale is to pay off debts and concentrate on its energy, air and rail markets.
The group has stated that the deal “represents another stage of delivering on our strategy of realising the value of our more mature assets at the right time”.
Stobart’s chief executive Andrew Tinkler was speaking about the deal with DBay and said “This is a further stage in delivering our strategy of creating and realising value for our shareholders. Moving forward, we are focused on capitalising on the opportunities in our Infrastructure and support services divisions, enhanced by investment in Stobart Green Energy.”
William Stobart has become chief executive officer of Eddie Stobart Logistics, the new name for the transport and distribution business. He was also speaking about the new deal and said “I really welcome this investment from DBAY and look forward to heading up the new partnership as chief executive. DBAY have a strong track record of working with existing management teams within businesses, as they will do with us, to help drive growth.
Mr. Stobart added “We already have an extremely loyal customer base who we look forward to continuing to work with. It is an exciting time for us to grow this business and I am looking forward to this next stage and the opportunities that it will bring for our employees and customers.”