Robert.Jervis_43227 Dec 06

DBay back at the wheel

DBay back at the wheel image
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 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."

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

Source: ITV