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Ready, Steady Eddie's gone!
Page 6
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Chris Tindall examines the background to the sale of the UK's best
Known haulier
EDDIE STOBART. Britain's most famous haulage company, has been sold loan investment and construction firm part-owned by Edward Stobart's brother.
WA Developments (International), a Cumbria-based firm which William Stobart joined two years ago, will take over the Eddie Stobart Group (ESG) on 1 November. The overall value of the sale is undisclosed but industry analysts suggest it was in the region of £60m.
A spokesman for ESG says: -WA Developments (International) was set up in 2001 as an investment vehicle to fund overseas real estate purchases. It has been looking to diversify into the UK and following the takeover of the Eddie Stobart Group it plans to grow their respective international businesses."
Bonnie Stevenson, PA to WA Developments (International) director Andrew Tinkler, laughs off suggestions that part of the takeover deal was for Edward to leave the firm as the Stobart brothers do not see eye to eye: "They get on," she stresses. "They have their little quibbles but they are business partners."
The announcement that Edward Stobart has finally put the brakes on his involvement in a firm that has been trading for more than 30 years will come as a surprise to many in the industry, particularly as he was recently quoted in the press as saying he was not considering selling.
However, financial analysts contacted by CM seem less surprised by the sale. They say the 1 p' company's financial position has been shaky for the past five years and the deal is one more shrewd move by the man who singlehandedly raised the industry's profile with the British public.
"One argument is that it's a sharp deal on both sides." says David Pattison, senior analyst for Plimsoll Publishing. -It's a very good time to buy it. He [Stobartj has taken it as far as he could."
Comparing the Stobart sale to football club Chelsea's recent takeover by a Russian millionaire, he adds: "The company really needs the Ambramovich of the haulage world now."
Alan McGuckin of the Transport and General Workers Union, says: -It's happened and we have to deal with it. Any change makes people nervous. It's been put out that there could be more investment. If that's true then cautiously we would have to welcome it."