Stobart Group has completed the sale of a 51 per cent stake in its transport and distribution business to DBay Advisors.
The most obvious sign of the change has been a new Stobart Group web site which describes it as “an Infrastructure and Support Services business operating in the biomass energy, railway maintenance and aviation sectors as well as having investments in a property and logistics portfolio. Stobart Group has licence agreements in place for its brand.”
William Stobart has become chief executive officer of Eddie Stobart Logistics, the new name for the transport and distribution business.
The transport and distribution business generated EBIT of £25.6 million on revenue of £475.7 million in the year ended 28 February 2013. The deal values the business at £280.8 million.