Eddie Stobart Logistics to float on AIM
Eddie Stobart Logistics is to float on the AIM market next month.
Greenwhitestar UK plc, which holds a 51% controlling share in the Eddie Stobart Logistics business with Stobart Group holding the remaining 49%, has announced its intention to list a renamed Eddie Stobart Logistics plc in April.
Eddie Stobart Logistics generated revenue of £549m and Adjusted EBIT of £41m for the year ended 30 November 2016.
Cumbrian-based infrastructure giant Eddie Stobart Group, which realised 51% of its investment in Eddie Stobart in March 2014 to focus on its Energy, Aviation, Rail and Infrastructure divisions, said it plans to retain a meaningful stake in the company following its IPO.
Greenwhitestar said significant investment has been made in the company’s customised technology and systems alongside the development of its management and workforce to support growth in new business sectors.
Non-core operations have been disposed of and the company has refocussed its strategy towards growing a balanced portfolio across e-commerce, manufacturing, industrial & bulk, retail and consumer.
Alex Laffey, chief executive of Eddie Stobart Logistics, said: “Eddie Stobart is widely recognised as a leading supply chain solutions provider and an IPO is an exciting next step for the business that will give us a strong platform for further growth.
“We have transformed the business over the last three years and made significant investment in our customised technology and systems alongside developing our management and workforce to support growth in new business sectors. Our cost-effective solutions and best-in-class service enable our customers to focus on their core activities.”
Established in 1970 and operating an extensive UK and European network, the supply chain and logistics organisation has a large base of blue chip customers, the majority of which Eddie Stobart has worked with for more than a decade.
Cenkos Securities plc is acting as Nomad and Broker to the company on its admission to AIM.
