The former boss of troubled Eddie Stobart Logistics has secured better-than-expected support for a £70 million rescue of the haulage firm, it was claimed on Thursday.
In a proposal that rivals another bid for the transport company, TVFB, controlled by Andrew Tinkler, earlier this week said it would like to see a equity fundraising from new investors and existing Eddie Stobart shareholders of up to £70 million.
That could help reduce its near-£200 million debt pile.
TVFB today said the proposed fundraising has already received “conditional indications for in excess of the target”.
Tinkler led Eddie Stobart until 2014. The company has this year flagged an accounting error, in August it suspended trading and it has also warned on profits.
Private equity group DBAY floated Eddie Stobart in 2017 and today has a 10.1% stake. It has proposed injecting £55 million into the business in exchange for majority ownership of the firm’s operating companies.
Shareholders in Eddie Stobart are due to vote on the proposal on December 6. Eddie Stobart has recommended this deal to investors.
The largest shareholder had been fallen fund star Neil Woodford with a 22.9% holding. This is now held by another firm.
