Former Stobart Group boss at heart of boardroom battle suggested reuniting group
Former Stobart Group chief executive Andrew Tinkler drew up plans to merge Stobart Group with trucking business Eddie Stobart Logistics, which it span off in 2014.
The merger, which was discussed as recently as last month, would have created a business with a market capitalisation of £1.7bn.
Tinkler is currently engaged in a bitter battle with the board of the Stobart Group and is trying to unseat its chairman Iain Ferguson, calling for his replacement by Edinburgh Woollen Mills boss Philip Day.
The Stobart Group board has accused Tinkler of trying to parachute a friend and ally into the role of chair.
Tinkler has previously said he has only met Day a handful of times, but emails between the pair referencing the Stobart merger appear to show a cordial relationship.
In emails from last month seen by City A.M., Tinkler asked Day for his input on the proposed merger, dubbed ‘project park’.
Day wrote in an email to Tinkler last month: "Now got project park, will read tonight.
“Look forward to seeing you and Ben at the Castle tomorrow night.”
The Castle, is understood to refer to Day’s home in Cumbria, Edmond Castle, a nineteenth century mansion not far from Tinkler’s own Cumbria home.
In a later email Day wrote: “Just read project park and its looks very interesting, can see why you would want to combine! WinWin.
"We can chat tomorrow night when we meet up."
Day signed off the email: "Take care mate and speak soon".
In his reply Tinkler wrote: "Today is de day for the Chairman I sent a email yesterday telling now is a good time for him to step down or I will have to call a EGM which is not in the best interest of him or the company, will keep you updated as it unwinds.”
Tinkler, who owns 7.7 per cent of the Stobart Group, is planning on voting against Ferguson's re-appointment as chair at the company's 6 July annual general meeting.
He has the support of shareholders who control at least 33 per cent of the shares in the company, including fund manager Neil Woodford.
In another email exchange Jaeger-owner Day invited Tinkler to attend a future press event for the luxury brand – "you have to come to one, good fun," he wrote.
The pair also exchanged banter about a new boat Day was planning on buying in Greece and in earlier emails talked about a blackjack table he was thinking about installing in his house in Cumbria.
A spokesperson for Tinkler said that 'project park', was an example of him trying to create value for the company.
“In fulfilling his board appointed role Andrew generated numerous ideas at Stobart Capital to enhance shareholder value for the group,” they said.
Tinkler was fired from Stobart's board earlier this month and the two sides are at legal loggerheads with Stobart accusing Tinkler of making unlawful use of company information and Tinkler accusing the company of defamation.