War of words breaks out at top of Stobart

A war of words has broken out amongst the directors of infrastructure company Stobart.

The company, which is based in Carlisle, recently announced profits of over £100m but has been hit by a public row.

The board has issued a statement criticising its executive director and former chief executive Andrew Tinkler.

Mr Tinkler recently announced he would vote against the re-election of the group’s chairman Iain Ferguson.

The board retaliated by announcing it had full confidence in Mr Ferguson.

Mr Tinkler holds a 7.7% stake in the firm and he has stated he will not endorse the re-election of its chairman at the forthcoming annual general meeting

According to the board the move presented a serious risk which could lead to significant board resignations.

A statement said: “The ongoing board ‘deeply regrets that Mr Tinkler has destabilised the Group at this crucial time.”

There were also concerns raised in the statement about a serious of challenges including a proposed additional ex gratia bonus for Mr Tinkler of shares, then worth £8m and the settlement of contractual issues that had arisen from a related transaction.

John Coombs and Andrew Wood have already said they will step down as non-execs if Mr Ferguson is ousted.

Warwick Brady, who took over as chief executive from Mr Tinkler last summer added that the group needed stability.

He said: “Stobart Group now has a clear and focused strategy to drive growth in our core operating divisions in order to double the value of the business by 2022.

“On my appointment as CEO, as part of working with Andrew Tinkler, we all agreed that Iain Ferguson would remain in his role through to 2020, and our strategy for the growth of the business was unanimously validated by the Board.”