New City broker appointed at infrastructure firm

The troubled Stobart Group has announced it has appointed a new City broker.

The announcement has come amid a bitter war of words and a bid to oust the current chairman.

The Carlisle infrastructure firm has been in the headlines in recent weeks.

Former chief executive Andrew Tinkler has launched a bid to oust chairman Iain Ferguson.

He has enlisted the support of investors and is trying to replace him with Philip Day, the billionaire owner of Edinburgh Woollen Mill.

A short statement was made to the Stock Exchange.

It said: “Stobart Group, the infrastructure and support services group, is pleased to announce the appointment of Canaccord Genuity Limited to act as its joint corporate broker alongside Stifel Nicolaus Europe Limited, with immediate effect.”

The firm also confirmed details of AGM, which promises to be a fiery affair.

The meeting will take place Friday 6 July at the St Pierre Park Hotel in Guernsey.

Mr Day, whose fortune was estimated at £1.2bn by the recent Sunday Times Rich List, has never served on a public company board.

Mr Tinkler said in a statement last week that his “only objective is to ensure that the company sticks to the agreed company strategy and does not deviate from this, as this will deliver the best returns for shareholders”.

“My view is that a change of chairman would help to achieve that objective, and I know that view is shared by a number of major shareholders.”

Mr Tinkler stepped down last year to be replaced by Warwick Brady, a former ex-easyJet director.