Union seeks reassurances from new owner of haulage group Eddie Stobart

Union leaders have demanded early talks with the bosses of Warrington haulage group Eddie Stobart following a rescue deal last Friday, December 6.

Shareholders in the transport group voted “overwhelmingly” to accept the deal proposed by Isle of Man-based DBay Advisors.

This means the group, and its 6,500-strong workforce, have been saved from collapsing into administration.

Now, Unite the Union wants urgent talks over safeguards for around 1,000 of their members within the business.

Unite national officer for road transport, Adrian Jones, said: “Unite is already in the process of seeking an urgent meeting with the new owners to discover what plans DBay have for the short-, medium- and long-term future of the company.

“The recent financial problems experienced by Stobart’s has led to our members at the company becoming very anxious about their employment. A situation made worse by the lack of information provided.

“Unite hopes that early discussions will pave the way for an improved industrial relations climate with Stobart’s.

“However, the new owners need to be fully aware that Unite will not allow profits to be ramped up at the expense of our members’ jobs, pay or conditions.”

Under the deal – approved by 80.76% of the group’s shareholders – Marcelos Limited, a wholly-owned subsidiary of DouglasBay Capital III Fund LP, a fund managed by DBay Advisors, will acquire a 51% stake in Greenwhitestar Acquisitions Limited, which is currently a wholly-owned subsidiary of the company and in turn holds the company’s interests in the trading entities of the group, and DBay will agree to inject approximately £55m of new financing into the group’s operations.

Speaking after Friday’s announcement, Eddie Stobart chief executive Sébastien Desreumaux, said: “The proposed transaction provides Eddie Stobart with the opportunity to move forward and look to deliver sustainable growth and profitability from a stable footing.

“Our main priority and focus is now continuing to deliver the high levels of services expected by our customers as we move into the busy Christmas period.”

The DBay deal includes William Stobart, son of the eponymous Eddie, who was opposed to a rival offer from his ex-brother-in-law and the company’s former chief executive, Andrew Tinkler.

Mr Tinkler had mounted an £80m bid, backed by unnamed investors.

According to The Guardian newspaper, Mr Tinkler was present at a short shareholder meeting on Friday morning in London.

It said he spoke briefly against the DBay bid, asking the haulage company’s chairman, Philip Swatman, if he had fully explored every option. Sources in the public company’s meeting – from which journalists were barred – said his tone was calm.

“The Eddie Stobart business has been a great source of personal pride for me ever since I was first employed to wash and maintain the trucks in the early 1980s, through to being CEO from 2004 to 2014,” Mr Tinkler said.

“I hope the company can return to its former glory and the board continue to work in the interests of all stakeholders to help this iconic business thrive again.”

A DBay statement said: “Eddie Stobart’s loyal staff are the best in the industry and we are pleased to be able to provide certainty over their jobs throughout the Christmas period and beyond.”