1. ITV Report

Eddie Stobart shareholders approve £55 million rescue sale in a bid to secure future of 6,500 employees

Eddie Stobart shareholders have approved a £55 million rescue sale. Credit: PA

Eddie Stobart shareholders have approved a £55 million rescue sale in a bid to secure the future of its 6,500 employees, the trucking firm has confirmed.

The logistics giant said that investors voted in favour of the deal by private equity firm DBay Advisors to buy a 51% stake in the company at a general meeting in central London.

Sebastien Desreumaux, chief executive officer of Eddie Stobart, said: "The proposed transaction provides Eddie Stobart with the opportunity to move forward and look to deliver sustainable growth and profitability from a stable footing.

"Our main priority and focus is now continuing to deliver the high levels of services expected by our customers as we move into the busy Christmas period."

Speaking after the meeting former Stobart Group boss Andrew Tinkler, who had put forward an £80 million equity raise to save, said he was "hopeful" his offer has been backed by shareholders in the crunch vote in London.

The former Stobart Group boss said he wants to bring "stability" back to the troubled trucking company.

In a statement, DBay said: "Eddie Stobart's loyal staff are the best in the industry and we are pleased to be able to provide certainty over their jobs throughout the Christmas period and beyond.

"We would also like to thank the lenders to the company for their flexibility which will be invaluable in returning Eddie Stobart to a stable footing." The new owner said that it, and Eddie Stobart's lenders, will inject #75 million into the business immediately.