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Eddie Stobart Logistics is born, as Stobart Group completes partial divestment of transport division

  • 10 April 2014
  • By Chris Druce

Eddie Stobart Logistics has been born, with the news this evening that Stobart Group had completed the partial divestment of the business that the group was built upon.

“Stobart, the infrastructure and support services group, announces that the partial realisation of its transport and distribution division, as described in the company’s announcement of 6 March 2014, has been completed,” Stobart Group said in a statement issued to the stock exchange earlier.

Shareholders of the firm backed the move at the end of last month at a general meeting, making today’s news very much a when not an if.

Stobart Group revealed in March that it had sold a 51% stake in its transport division to Douglasbay Capital  – the former owners of TDG – for £280.8m.

The move sees William Stobart become chief executive of the newly formed, and once again privately owned, Eddie Stobart Logistics.

Under the terms of the deal, the LSE-listed Stobart Group will retain a 49% stake as well as the Eddie Stobart brand itself via a licence agreement. 8% of the total vehicle fleet will remain aligned to its Stobart Biomass fuel supply business also.

It also retains the majority of the freehold properties used by Eddie Stobart Logistics.

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Article source: http://www.commercialmotor.com:80/latest-news/eddie-stobart-logistics-is-born-as-stobart-group-completes-partial-divestment-of-transport-division