Former Stobart boss resumes hostilities days after court defeat

The former boss of Stobart appears to have resumed hostilities with the firm’s board just days after losing a court battle.

According to reports Andrew Tinkler, the former chief executive of the Cumbrian firm, has tabled a series of motions.

The reports claim Mr Tinkler is attempting to force directors to reveal details of a renumeration scheme in its aviation division.

Stobart owns Southend Airport and recently took a stake in the regional airline Flybe.

Mr Tinkler is aiming to put the spotlight on a share award to chief executive Warwick Brady.

In a letter to Stobart Mr Tinkler said that Mr Brady’s pay package was not aligned to shareholders’ interests and demanded an overhaul of the company’s treatment of investors.

Stobart has bought in David Shearer, an expert in corporate turnarounds, as its new chairman.

One of his main  aims is to unify shareholders following protracted legal disputes.

Mr Tinkler said he was putting the courtroom battle with the company behind him after the courts refused him permission to appeal.

He said: “I’ve always said I was about to move on, I thought it was only right trying to go for the appeal, all I was trying to do was protect shareholder value over that period.”

The former Stobart boss had tried to oust the management of firm.

He was hoping to replace the company’s chairman Iain Ferguson with Edinburgh Woollen Mill boss Philip Day.

The bid failed and led to series of court challenges which ended in defeat for Mr Tinkler.

The Court of Appeal this week refused Tinkler permission to appeal against the February judgment.

“I am still a responsible shareholder, I will continue to make sure that value is preserved,” he said.

“There is value in the business although the share price has taken a massive devaluation over the last two years, down some 65 per cent.

“With a new chairman elect coming in, hopefully they can make changes there and create the value we set on in 2017.”