Business, Freight News, Logistics, Road

Shareholder bids for Eddie Stobart

[ November 18, 2019   //   ]

DBAY Advisors, the largest shareholder in troubled logistics firm Eddie Stobart  says it has made an offer for 51% of the company. It will indirectly acquire a 51% stake Greenwhitestar Acquisitions Limited, currently a wholly-owned subsidiary of Eddie Stobart that holds the Company’s interests in the trading entities of the Group. DBAY will also inject about £55m of new financing into the group’s operations.

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.

Rival logistics operator Wincanton was also reported to be considering a bid.