A proposed £55 million rescue deal for trucking firm Eddie Stobart has moved a step closer ahead of a crunch shareholder vote on the deal.
Private equity firm Douglas Bay Capital Fund (DBAY) said the Financial Conduct Authority has approved the change in control application needed for its proposed financing of Stobart. The news came ahead of vote today on the deal which would see DBAY take 51% of the company.
DBAY said that all the main terms of the banking documents necessary for its proposal have also been agreed, highlighting how it was making continued progress in securing the finance package Eddie Stobart needs to avoid “an impeding liquidity shortfall”.
“Once in place, the financing will safeguard jobs for Eddie Stobart's employees and secure delivery of the reliable, high-quality services its customers rely on across the busy Christmas period,” it said.
DBAY is looking to take control of the Carlisle-based logistics firm, which is at the centre of a battle for control involving former boss Andrew Tinkler.
Trading in Eddie Stobart shares has been suspended since August over a £2 million accounting hole. TVFB, a company backed by Tinkler, last week submitted a new rescue package in an attempt to foil DBAY's takeover. Logistics rival Wincanton dropped its own interest in taking over last week.
