Former chief executive reignites hostilities at strife-torn firm

The former boss of Stobart Group Andrew Tinkler has launched a new campaign to oust the current chief executive of the firm.

The board of the Carlisle firm has been at the centre a long-running feud which appeared to have ended in a High Court ruling.

The bitter feud was played out in public with both sides issuing a series of angry statements and rebuttals.

And now Andrew Tinkler, the former chief executive of the firm, has launched a new attack on the current management team.

The attempt to unseat the current chief executive Wasrwick Brady is centred on a controversial £30m bonus plan.

Last week Stobart Group opened the UK’s newest airport in Carlisle but the strife that has gripped the firm appears to be showing no sign of disappearing any time soon.

Earlier this month Mr Tinkler lost an appeal against his High Court defeat over his dismissal from the transport firm.

The former chief executive now faces an estimated £1m legal bill but he is refusing to back down.

The latest round in the dispute looks set to come to a head at the annual meeting later this month.

Mr Tinkler, aged 55, unsuccessfully tried to oust the former chairman Iain Ferguson with the backing of retail tycoon Philip Day.

Iain Ferguson

Despite the failure of the campaign, Stobart agreed to replace Mr Ferguson as chairman, with David Shearer taking over the role earlier this month.

It was hoped the move would mark the start of a new era for the troubled firm.

But Mr Tinkler is now looking to unseat chief executive Warwick Brady and remuneration committee chairman John Coombs.

A website called Save Stobart Group has been set up.

Andrew Tinkler

The site attacks the ‘grave failings’ in corporate governance and the ‘destruction’ of shareholder value.

It points out the firm is now valued at £450m – half of what it was last October.

Warwick Brady will earn a £23m bonus if he hits targets for Southend Airport and its valuation reaches £1.4bn. If it is sold for £2.1bn, he will receive £30m.

The bonus plan was made public at the court hearing.

Stobart, which also has a biomass division and a stake in the Eddie Stobart trucking business, previously failed to disclose the existence of the bonus.

Nearly 40% of shareholders voted against the re-election of Brady at last year’s annual meeting.

Andrew Tinkler’s supporters included fund manager Neil Woodford.

Mr Woodford recently sold most of his 18% stake in the business for £70m.

The high profile fund manager has been in the headlines after he stopped investors withdrawing money from his Equity Income fund.

Mr Tinkler ran Stobart for a decade before becoming an executive director. Following the row he was sacked from the board.

The company’s share price has fallen 65% since Mr Brady became chief executive.