Monday 9th Dec 2019 - Logistics Manager Magazine

DouglasBay Capital seeks Stobart stake as Wincanton interest continues

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Eddie Stobart Logistics is yet to receive a formal offer from Wincanton, but it has received an offer from DouglasBay Capital for a 51 per cent stake in the troubled 3PL.

The DouglasBay Capital offer would also see it invest £55 million into Stobart’s financing through a payment-in-kind (PIK) loan which “will be used to provide necessary liquidity”.

Wincanton said it continues to perform due diligence on the merits of a potential combination with Eddie Stobart  however there can be no certainty any offer will be made.

Stobart confirmed the DouglasBay Capital offer on the same day that Wincanton revealed a 1.9 per cent increase in turnover to £592.9m (2018: £581.8m) for the first half of its financial year (ending 30 September).

Wincanton said the increase in turnover was due to a strong growth in its retail and consumer segment, due to new contracts with The Co-op, Weetabix and Morrisons.

Pre-tax profit increased 9.1 per cent to £26.3m (2018: £24.1m).

By Michelle Mooney