Eddie Stobart Last Minute Rescue – The shareholders of Eddie Stobart Logistics have approved a late rescue plan for the truck company, fending off the possible collapse of the haulage Company.
DBay Advisors One of Eddie Stobarts biggest Shareholders will lend the Company £55m through high-interest bonds and assume control of the Truck haulier.
This means Stobarts will avoid breaking its banking agreements and will not have to face administration.
DBay will increase its stake in Eddie Stobart Logistics to 51% after the 55M Loan, but also charge the company an interest rate of 18% for the loan.
The Unite union says it wants early talks about the company’s future with there members becoming worried about there employment.
Eddie Stobart chief executive Sebastien 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.”
There is relief in the short-term for 6,500 Eddie Stobart staff and many more workers in their supply chain during the run up to Christmas.
As a former owner, DBay says it is “confident that Eddie Stobart will return to its previous strength”.
The company was originally founded by Eddie Stobart in 1970 before expansion was driven by his second son Edward.
Over the years Eddie Stobart trucks have become a household name and there fleet of trucks even have there own names.
Many people give up there time to spot a Stobart truck and make records of the trucks name and location.
Toy Companies produce collectors models of Stobart Trucks and they can also be seen on other Merchandise.
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