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Eddie takes on a moneyman
Page 14
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David Harris reports on an Eddie Stobart recruit with a head for figures.
EDDIE STOBART Group has recruited a high-flying accountant in an effort to overhaul its operations and boost profits.
The world-famous haulier has taken on Ben Whawell as corporate development manager to head a review of the firm.
Stobart has a had a difficult few years with mounting debts which culminated in the sale of the firm to WA Developments for a rumoured £60m at the end of last year.
It returned to profit in May, says chairman Andrew Tinkler -Whawell's appointment is partly designed to cement and increase that improvement.
Whawell joins Eddie Stobart from accountants Grant Thornton's Liverpool office.
Edward Stobart's brother, William, is a partner in WA Developments, so the family link with the company has been preserved.
The purchase of Eddie Stobart Group by WA Developments (International) was widely recognised as a good move for Edward Stobart. due to the haulage firm's poor trading results over the past few years. In 1999 its debts were £50m. At the time of the takeover its debts had halved, but they still cost £2m a year in interest payments.
Analysts liked the takeover because WA Developments held up the prospect of paying off the debts and investing more capital.