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Eddie Stobart Logistics sells to IOM Company

10th March, 2014

Motorway stalwart Stobart Group is to sell a  controlling interest in its iconic trucking business to the Isle of Man firm DouglasBay Capital Advisors Limited (DBAY),  a regulated investment manager  based in Athol Street, Douglas in a £280million deal.

The group, whose green lorries are a familiar  sight on Britain's roads, said it would sell a majority stake in Eddie Stobart  Logistics to focus on biomass energy and expanding Southend Airport.

Stobart will get £195.6million in cash from  DBAY, as well as a 49 per cent stake in the new company, with the buyer taking  on £41million of debt.

Chief operating officer William Stobart, son  of founder Eddie, is leaving to head up the new business and will own 6 per cent  of it. Markets gave the deal the thumbs down, sending shares down 7.75p to  141.75p.

The sale includes a complex arrangement  under which DBAY can use the Eddie Stobart brand for four years without paying.


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