William Stobart, former Stobart Group director, has released a strongly worded statement in support of Andrew Tinkler, the former chief executive who is involved in a public dispute with the current board.
He said: “I am dismayed by the recent press coverage of boardroom unrest at Stobart Group…
“From humble beginnings, Andrew and I built Stobart Group to the business it is today. In 2003 we acquired a £2m business which floated at £138m in 2007 and which had a market cap of £1.1bn when Andrew stepped down as CEO in June 2017. In his 10 years as CEO, Andrew created average shareholder returns of 30 per cent a year. In that period the Company paid dividends of £845m – that’s £85m every year for its shareholders. Clearly a very successful business.
“Much of this success is down to Andrew’s strong business instincts. He is a one man ideas factory with the rare combination of a brilliant strategic and financial brain which he uses tirelessly to create real wealth.”
Stobart criticised some of the actions of chairman Iain Ferguson and chairman Warwick Brady saying the picture they were presenting of Andrew Tinkler was “completely wrong”.
“I fear that if this goes on much longer it will have a lasting effect on the Company, its employees and its customers.”
In a statement to the “Financial Times” the Stobart Group said it refuted the allegations made by Mr Stobart.
Stobart Group’s annual general meeting is due to take place on 6th July at the St Pierre Park Hotel, Rohais, St Peter Port, Guernsey.
Tinkler, along with funds acting through Woodford Investment Management Limited and Allan Jenkinson have nominated Philip Day, CEO of Edinburgh Wollen Mill, to be elected as a director of the company, with a view to him becoming chairman.