Monday 9 September 2019 8:26 am

Eddie Stobart says it has received buyout interest from Dbay Advisors

Troubled trucking company Eddie Stobart said today it had received a preliminary approach about a possible acquisition by its third-largest shareholder Dbay Advisors.

Last month Eddie Stobart suspended its shares and announced its chief executive Alex Laffey was standing down with immediate effect after it discovered a multi-million pound accounting error.

Read more: Eddie Stobart fires boss and suspends shares after accounting scandal

The trucking company delayed its half-year results to investigate the error which it said could hit adjusted operating profits by £2m.


It said it hoped to publish its half-year results in early September and it said it would review its dividend policy as a result of the error.

Today it said it had “received a preliminary expression of interest from Dbay” in relation to a “possible offer to be made by funds managed by Dbay” for the company.

It cautioned that there was no certainty an offer would be made, or if it was made, what its terms would be.

Embattled fund manager Neil Woodford owns a 22.9 per cent stake in the company.

Dbay owns a 10.1 stake in the logistics group, whose brands include Biforce, Logistics People and Speedy Freight, according to data from Refinitiv Eikon.

Dbay was contacted for comment.

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