Shareholders to vote on future of crisis hit Eddie Stobart today

Shareholders are set to vote on the future of crisis torn Eddie Stobart later today.

Two rival bids have been put together to save the Warrington firm which employs around 6,500 staff.

The firm is struggling to repay debts of more than £200m and its shares have been suspended since August after an accounting discrepancy was uncovered.

Majority shareholder DBay has pulled together a rescue package which would see it pump £50m into the firm.

In return for the £55m loan DBay Advisors will increase its stake in Eddie Stobart Logistics to 51%, but will charge the company an interest rate of 18%.

But the deal would see shareholders lose out on their investment.

Meanwhile, millionaire businessman Andrew Tinkler has come up with an alternative scheme involves him securing £80m in equity fundraising from friends and investors.

Mr Tinkler was involved in a brutal public row with the board of Stobart Group which ended in defeat in the High Court.

He has created a takeover vehicle TVFB in a bid to seize control of the logistics firm.

Andrew Tinkler

Mr Tinkler’s firm said its offer was “advantageous to all stakeholders” since no one shareholder would control the company.

The Warrington-based company, which counts Amazon, Coca-Cola and Tesco among its customers, recorded a loss of at least £12m in the first half of the financial year.

And the board has said it is facing a bleak future if the DBay rescue package is not approved.

The unions are claiming up to 6,500 Eddie Stobart workers are at risk of becoming victims of “bandit capitalism”.

And there are reports that Deloitte has been lined up to take over as administrators.

Wincanton, the UK’s largest haulier had considered buying the ailing business but recently pulled out of talks.

Unite’s national officer for road transport, Adrian Jones, said: “This deal provides no certainty beyond the very short term for the workforce who are set to be the latest victims of ‘bandit capitalism’.”