Bitter boardroom battle at Stobart Group boils over with sacking and legal action
A bitter row at the top of the Carlisle firm Stobart Group boiled over today with the public sacking of its former chief executive.
Andrew Tinkler has been involved in a high-profile feud with his fellow directors and has been looking to oust the current chairman.
But today the row escalated with the sacking of Mr Tinkler. The Stobart Group also revealed it is taking legal action against its former chief executive.
A statement issued to the Stock Exchange announced the latest twist in the saga.
It said: “The company announces that, following the receipt of comprehensive legal advice, it has today served notice on Andrew Tinkler, summarily terminating his employment with the Stobart Group. Mr Tinkler will cease to be a director with effect from today’s date.
“The company will also be issuing legal proceedings imminently against Mr Tinkler for, amongst other things, breach of contract and breach of fiduciary duty.
“The company will be writing to shareholders shortly to provide them with further information on the situation, including its concerns that Mr Tinkler and his associates are attempting to secure control of the company.”
Warwick Brady, chief executive of Stobart Group, said: “Mr Tinkler’s actions, particularly in recent days, have threatened to destabilise the Company and severely impacted my ability and that of my team to manage the business on a day to day basis and deliver the agreed strategy.
“This is against the interests of all of our shareholders.”
In recent weeks Mr Tinkler has been attempting to oust current chairman Iain Ferguson with the support of Philip Day.
Mr Day, the owner of Peacocks and Edinburgh Woollen Mill, has been nominated to take over as chairman of the firm.
Several of Stobart’s biggest shareholders, including fund manager Neil Woodford’s Woodford Investment Management, are backing Mr Day to replace Iain Ferguson as chairman.
The infrastructure and support services firm recorded profits of more than £100m last year.
Mr Tinkler still owns a 7.7 per cent stake in the company.
The announcement came just a day after Warwick Brady revealed a partnership deal with Ryanair which will see the Irish low-cost airline open a new base at London Southend Airport.
The five-year agreement, which is extendable to ten years, and will see Ryanair make a £225m investment in the airport.
The firm’s AGM, which is likely to be a stormy affair, is being held in Guernsey next month.
