Freight News, Logistics, Rail, Road

Eddie Stobart rescue plan approved

[ December 6, 2019   //   ]

Shareholders of troubled logistics operator Eddie Stobart have approved a plan by major shareholder, DBay Advisors, it to £55m through high-interest bonds. DBay will take control of the company, increasing its stake to 51%. Eddie Stobart chief executive Alex Laffey stood down in the summer following an accounting error that overstated profits by £2 million, leading to a collapse in its share price.