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Stobart to sell controlling percentage

Stobart Group are selling 51 per cent of their haulage business Credit: PA

The Stobart Group are selling a controlling 51 per cent of their road haulage business, Eddie Stobart.

A private-equity investor from the Isle of Man, DBAY Advisors, will take on the stake for £280.8million.

William Stobart, the current chief operating officer, will leave the company's board to become chief executive of Eddie Stobart Logistics.

The deal will allow Stobart Group to pay off £100million of debt, as well as investing £55million in their biomass division.