Eddie Stobart shareholders have “overwhelmingly” backed a £55m rescue deal in a bid to protect 6,500 jobs at the troubled haulage company.
The firm, which is well-known for its distinctive green and red lorries, is struggling under £200m of debt and was facing administration unless new funding was secured.
Private equity firm Dbay Advisors will acquire a 51 per cent stake in exchange for injecting £55m of funding. The lifeline will pay Eddie Stobart’s lenders using a controversial “payment in kind” loan which will charge the company 18 per cent interest.
The Unite union accused Dbay of perpetrating “bandit capitalism” by taking advantage of Eddie Stobart’s vulnerable financial position.
“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,” said Unite’s national officer for road transport Adrian Jones.
1/50 6 December 2019
A climate activist is seen wearing a mask and holding a placard reading ‘Fossil fuel era is over’ outside Millbank Studios in London
AP
2/50 5 December 2019
SNP leader Nicola Sturgeon with the SNP campaign bus in front of the Queensferry Crossing, while on the General Election campaign trail in Scotland
PA
3/50 4 December 2019
The Christmas tree in Trafalgar Square, which is given every year by the city of Oslo as a token of Norwegian gratitude to the people of London for their assistance during the Second World War
PA
4/50 3 December 2019
Protesters against the visit of US President Trump during a demonstration near Buckingham Palace on the first day of the Nato Summit in London
EPA
5/50 2 December 2019
England captain Joe Root celebrates reaching his double century during day 4 of the second Test match against New Zealand at Seddon Park in Hamilton, New Zealand
Getty
6/50 1 December 2019
A hard frost is seen on the first day of the meteorological winter in Pitlochry, Scotland
Reuters
7/50 30 November 2019
A police officer looks at flowers left at London Bridge in central London, after a terrorist wearing a fake suicide vest who went on a knife rampage killing two people, and was shot dead by police
PA
8/50 29 November 2019
School children and students take part in the Youth Strike for Climate in London as part of the Fridays for Future Global Climate Strike
Angela Christofilou/The Independent
9/50 28 November 2019
Cyclists make their way up a tree lined hill near to Moor Crichel in Dorset. November’s dismal weather will finally change, with drier and colder conditions coming for the start of December, forecasters have said
PA
10/50 27 November 2019
The moment a swan flew over a flock of 60,000 starlings as dusk fell on Whixall Moss Nature Reserve in Shropshire
Andrew Fusek Peters / SWNS
11/50 26 November 2019
SNP leader Nicola Sturgeon plays with local children during a visit to the Jelly Tots & Cookies Play Cafe in Uddingston, South Lanarkshire
PA
12/50 25 November 2019
Prime Minister Boris Johnson poses with sheep as he visits the Royal Welsh Showground, in Llanelwedd, Builth Wells, whilst on the General Election campaign trail
PA
13/50 24 November 2019
Cush Jumbo attends the 65th Evening Standard Theatre Awards at London Coliseum
Getty Images
14/50 23 November 2019
Labour Party leader Jeremy Corbyn meets a supporter on a train on his return from a visit to Sheffield
PA
15/50 22 November 2019
Gallery assistants adjust ‘The Ancient Town of Uglich’ by Konstantin Yuon, 1913, estimated at £600,000 to £800,000, during a press preview of the sale of works by some of the most pre-eminent creators of Russian art at Sotheby’s in London
PA
16/50 21 November 2019
A mother seal appears to hug her pup as grey seals return to Donna Nook National Nature Reserve in Lincolnshire, where they come every year in late autumn and winter to give birth
PA
17/50 20 November 2019
After Mauricio Pochettino’s sacking the eveninfg before newly appointed Tottenham head coach, Jose Mourinho, takes his first training session in charge
Tottenham Hotspur FC via Getty
18/50 19 November 2019
Prime Minister Boris Johnson during a visit to Jimmy Egan’s Boxing Academy at Wythenshawe, while on the campaign trail ahead of the General Election
PA
19/50 18 November 2019
Mist over Buttermere lake in the Lake District
PA
20/50 17 November 2019
Stefanos Tsitsipas lifts the winners trophy after beating Dominic Thiem at the ATP World Tour Finals tennis tournament in London
EPA
21/50 16 November 2019
Duke of York, speaking for the first time about his links to Jeffrey Epstein in an interview with BBC Newsnight’s Emily Maitlis
BBC/PA
22/50 15 November 2019
Brazilian indigenous leader, Kreta Kaingang from the Kaingang People, holds a petition letter with over 200,000 signatures asking the UK government to suspend trade talks with Brazil until the Amazon and its people are protected, as he poses outside 10 Downing Street
AFP via Getty
23/50 14 November 2019
Spanning all four spaces and the corridor of the White Cube Bermondsey gallery Anselm Kiefer’s new exhibition encompasses large-scale painting and installation
Rex Features
24/50 13 November 2019
Labour leader Jeremy Corbyn wears a pair of mittens that say ‘Pick Pam’, referring to Labour MP Pam Duncan-Glancy (not pictured) as he visits the Heart of Scotstoun Community Centre in Glasgow
Getty
25/50 12 November 2019
Head glass conservator Sam Kelly inspects the Angeli Laudantes and Angeli Ministrantes stained glass windows at Salisbury Cathedral as restoration work to clean, conserve and restore the windows, installed in 1879, gets underway
PA
26/50 11 November 2019
Flooding in the village of Fishlake near Doncaster after a month’s worth of rain fell in 24 hours
PA
27/50 10 November 2019
World War II Supermarine Spitfire fighter performs a flyover over White Cliffs of Dover during Remembrance Sunday celebrations
Reuters
28/50 9 November 2019
Snow falling in Glyn Ceiriog near Llangollen in Denbighshire
Steffan Williams/PA
29/50 8 November 2019
Scottish National Party candidates, including SNP Westminster leader Ian Blackford (centre left) and Nicola Sturgeon (centre), with a Brexit message at the party’s General Election campaign launch in Edinburgh
PA
30/50 7 November 2019
Delivery lorry stuck in flood water at Coston Ford, Leicestershire after heavy rainfall in the area
PA
31/50 6 November 2019
British Prime Minister Boris Johnson makes a statement to announce the general election at Downing Street in London, Britain
Reuters
32/50 5 November 2019
Liberal Democrat leader Jo Swinson speaking at the launch of their general election campaign at the Institute of Civil Engineers in London
PA
33/50 4 November 2019
Pelicans in St James’s Park in central London
AFP/Getty
34/50 3 November 2019
Dancers perform a mass Ghoomar dance during Diwali celebrations in Trafalgar Square, London
Reuters
35/50 2 November 2019
Campaigners listen as SNP leader Nicola Sturgeon addresses a rally calling for Scottish independence in Glasgow
AFP via Getty
36/50 1 November 2019
Police and recovery workers remove a damaged bus from the scene of a crash in Sevenoaks Road, south-east London. A man has been arrested on suspicion of causing death by dangerous driving after a person died and 15 others were injured
PA
37/50 31 October 2019
Labour Party leader Jeremy Corbyn gestures as launches the party’s election campaign in south London. Britain will go to the polls on December 12
AFP via Getty
38/50 30 October 2019
SNP leader Nicola Sturgeon joins Alyn Smith, the SNP’s candidate for Stirling, at the Made in Stirling Store and Creative Hub, during the general election campaign trail
PA
39/50 29 October 2019
A 1264 locomotive travels through an autumn scene along the North York Moors National Park
PA
40/50 28 October 2019
Paul Hayes of Lower Lydbrook ferries children to dry land after the River Wye burst its banks flooding the Gloucestershire village
PA
41/50 27 October 2019
Cosplayers during the third day of London’s Comic Con
PA
42/50 26 October 2019
England fans celebrate after their side beat New Zealand in the Rugby World Cup semi-final match in Japan. Eddie Jones’s side won 19-7
PA
43/50 25 October 2019
Meerkats at Blair Drummond Safari Park, Stirling, investigate a carved pumpkin as the park celebrates national pumpkin day on Saturday October 26.
PA
44/50 24 October 2019
A giant inflatable monster, created by artists Filthy Luker and Pedro Estrellas, is unveiled in Manchester ahead of the city’s annual halloween celebrations
PA
45/50 23 October 2019
Thirty-nine bodies have been found in a lorry container in Essex, police have said.
The discovery of 38 adults and one teenager was made at an industrial estate in Thurrock.
Police said they believed the lorry had come from Bulgaria and entered the UK at Holyhead, in Wales, on Saturday.
Essex Police said it had launched a murder investigation after its officers were called to Waterglade Industrial Park, in Grays, in the early hours of Wednesday morning.
A 25-year-old-man from Northern Ireland has been arrested on suspicion of murder
PA
46/50 22 October 2019
Ships out at sea before the sun rises off the coast of Whitley Bay, Northumberland
PA
47/50 21 October 2019
Hundreds of students take part in the traditional Raisin Monday foam fight on St Salvator’s Lower College Lawn at the University of St Andrews in Fife. The messy display is the culmination of a weekend of festivities where first years say thank you to their more senior student “parents” for mentoring them
PA
48/50 20 October 2019
Wales players celebrate after beating France in their Rugby World Cup quarter-final in Japan. Warren Gatland’s side had to battle after France’s fast start but capitalised on their rivals’ ill discipline to squeeze into the semi-finals, 20-19
Reuters
49/50 19 October 2019
People gather in London to join the Final Say march for a people’s vote
Angela Christofilou/The Independent
50/50 18 October 2019
Protesters on Whitehall in London during an Extinction Rebellion climate change protest
PA
1/50 6 December 2019
A climate activist is seen wearing a mask and holding a placard reading ‘Fossil fuel era is over’ outside Millbank Studios in London
AP
2/50 5 December 2019
SNP leader Nicola Sturgeon with the SNP campaign bus in front of the Queensferry Crossing, while on the General Election campaign trail in Scotland
PA
3/50 4 December 2019
The Christmas tree in Trafalgar Square, which is given every year by the city of Oslo as a token of Norwegian gratitude to the people of London for their assistance during the Second World War
PA
4/50 3 December 2019
Protesters against the visit of US President Trump during a demonstration near Buckingham Palace on the first day of the Nato Summit in London
EPA
5/50 2 December 2019
England captain Joe Root celebrates reaching his double century during day 4 of the second Test match against New Zealand at Seddon Park in Hamilton, New Zealand
Getty
6/50 1 December 2019
A hard frost is seen on the first day of the meteorological winter in Pitlochry, Scotland
Reuters
7/50 30 November 2019
A police officer looks at flowers left at London Bridge in central London, after a terrorist wearing a fake suicide vest who went on a knife rampage killing two people, and was shot dead by police
PA
8/50 29 November 2019
School children and students take part in the Youth Strike for Climate in London as part of the Fridays for Future Global Climate Strike
Angela Christofilou/The Independent
9/50 28 November 2019
Cyclists make their way up a tree lined hill near to Moor Crichel in Dorset. November’s dismal weather will finally change, with drier and colder conditions coming for the start of December, forecasters have said
PA
10/50 27 November 2019
The moment a swan flew over a flock of 60,000 starlings as dusk fell on Whixall Moss Nature Reserve in Shropshire
Andrew Fusek Peters / SWNS
11/50 26 November 2019
SNP leader Nicola Sturgeon plays with local children during a visit to the Jelly Tots & Cookies Play Cafe in Uddingston, South Lanarkshire
PA
12/50 25 November 2019
Prime Minister Boris Johnson poses with sheep as he visits the Royal Welsh Showground, in Llanelwedd, Builth Wells, whilst on the General Election campaign trail
PA
13/50 24 November 2019
Cush Jumbo attends the 65th Evening Standard Theatre Awards at London Coliseum
Getty Images
14/50 23 November 2019
Labour Party leader Jeremy Corbyn meets a supporter on a train on his return from a visit to Sheffield
PA
15/50 22 November 2019
Gallery assistants adjust ‘The Ancient Town of Uglich’ by Konstantin Yuon, 1913, estimated at £600,000 to £800,000, during a press preview of the sale of works by some of the most pre-eminent creators of Russian art at Sotheby’s in London
PA
16/50 21 November 2019
A mother seal appears to hug her pup as grey seals return to Donna Nook National Nature Reserve in Lincolnshire, where they come every year in late autumn and winter to give birth
PA
17/50 20 November 2019
After Mauricio Pochettino’s sacking the eveninfg before newly appointed Tottenham head coach, Jose Mourinho, takes his first training session in charge
Tottenham Hotspur FC via Getty
18/50 19 November 2019
Prime Minister Boris Johnson during a visit to Jimmy Egan’s Boxing Academy at Wythenshawe, while on the campaign trail ahead of the General Election
PA
19/50 18 November 2019
Mist over Buttermere lake in the Lake District
PA
20/50 17 November 2019
Stefanos Tsitsipas lifts the winners trophy after beating Dominic Thiem at the ATP World Tour Finals tennis tournament in London
EPA
21/50 16 November 2019
Duke of York, speaking for the first time about his links to Jeffrey Epstein in an interview with BBC Newsnight’s Emily Maitlis
BBC/PA
22/50 15 November 2019
Brazilian indigenous leader, Kreta Kaingang from the Kaingang People, holds a petition letter with over 200,000 signatures asking the UK government to suspend trade talks with Brazil until the Amazon and its people are protected, as he poses outside 10 Downing Street
AFP via Getty
23/50 14 November 2019
Spanning all four spaces and the corridor of the White Cube Bermondsey gallery Anselm Kiefer’s new exhibition encompasses large-scale painting and installation
Rex Features
24/50 13 November 2019
Labour leader Jeremy Corbyn wears a pair of mittens that say ‘Pick Pam’, referring to Labour MP Pam Duncan-Glancy (not pictured) as he visits the Heart of Scotstoun Community Centre in Glasgow
Getty
25/50 12 November 2019
Head glass conservator Sam Kelly inspects the Angeli Laudantes and Angeli Ministrantes stained glass windows at Salisbury Cathedral as restoration work to clean, conserve and restore the windows, installed in 1879, gets underway
PA
26/50 11 November 2019
Flooding in the village of Fishlake near Doncaster after a month’s worth of rain fell in 24 hours
PA
27/50 10 November 2019
World War II Supermarine Spitfire fighter performs a flyover over White Cliffs of Dover during Remembrance Sunday celebrations
Reuters
28/50 9 November 2019
Snow falling in Glyn Ceiriog near Llangollen in Denbighshire
Steffan Williams/PA
29/50 8 November 2019
Scottish National Party candidates, including SNP Westminster leader Ian Blackford (centre left) and Nicola Sturgeon (centre), with a Brexit message at the party’s General Election campaign launch in Edinburgh
PA
30/50 7 November 2019
Delivery lorry stuck in flood water at Coston Ford, Leicestershire after heavy rainfall in the area
PA
31/50 6 November 2019
British Prime Minister Boris Johnson makes a statement to announce the general election at Downing Street in London, Britain
Reuters
32/50 5 November 2019
Liberal Democrat leader Jo Swinson speaking at the launch of their general election campaign at the Institute of Civil Engineers in London
PA
33/50 4 November 2019
Pelicans in St James’s Park in central London
AFP/Getty
34/50 3 November 2019
Dancers perform a mass Ghoomar dance during Diwali celebrations in Trafalgar Square, London
Reuters
35/50 2 November 2019
Campaigners listen as SNP leader Nicola Sturgeon addresses a rally calling for Scottish independence in Glasgow
AFP via Getty
36/50 1 November 2019
Police and recovery workers remove a damaged bus from the scene of a crash in Sevenoaks Road, south-east London. A man has been arrested on suspicion of causing death by dangerous driving after a person died and 15 others were injured
PA
37/50 31 October 2019
Labour Party leader Jeremy Corbyn gestures as launches the party’s election campaign in south London. Britain will go to the polls on December 12
AFP via Getty
38/50 30 October 2019
SNP leader Nicola Sturgeon joins Alyn Smith, the SNP’s candidate for Stirling, at the Made in Stirling Store and Creative Hub, during the general election campaign trail
PA
39/50 29 October 2019
A 1264 locomotive travels through an autumn scene along the North York Moors National Park
PA
40/50 28 October 2019
Paul Hayes of Lower Lydbrook ferries children to dry land after the River Wye burst its banks flooding the Gloucestershire village
PA
41/50 27 October 2019
Cosplayers during the third day of London’s Comic Con
PA
42/50 26 October 2019
England fans celebrate after their side beat New Zealand in the Rugby World Cup semi-final match in Japan. Eddie Jones’s side won 19-7
PA
43/50 25 October 2019
Meerkats at Blair Drummond Safari Park, Stirling, investigate a carved pumpkin as the park celebrates national pumpkin day on Saturday October 26.
PA
44/50 24 October 2019
A giant inflatable monster, created by artists Filthy Luker and Pedro Estrellas, is unveiled in Manchester ahead of the city’s annual halloween celebrations
PA
45/50 23 October 2019
Thirty-nine bodies have been found in a lorry container in Essex, police have said.
The discovery of 38 adults and one teenager was made at an industrial estate in Thurrock.
Police said they believed the lorry had come from Bulgaria and entered the UK at Holyhead, in Wales, on Saturday.
Essex Police said it had launched a murder investigation after its officers were called to Waterglade Industrial Park, in Grays, in the early hours of Wednesday morning.
A 25-year-old-man from Northern Ireland has been arrested on suspicion of murder
PA
46/50 22 October 2019
Ships out at sea before the sun rises off the coast of Whitley Bay, Northumberland
PA
47/50 21 October 2019
Hundreds of students take part in the traditional Raisin Monday foam fight on St Salvator’s Lower College Lawn at the University of St Andrews in Fife. The messy display is the culmination of a weekend of festivities where first years say thank you to their more senior student “parents” for mentoring them
PA
48/50 20 October 2019
Wales players celebrate after beating France in their Rugby World Cup quarter-final in Japan. Warren Gatland’s side had to battle after France’s fast start but capitalised on their rivals’ ill discipline to squeeze into the semi-finals, 20-19
Reuters
49/50 19 October 2019
People gather in London to join the Final Say march for a people’s vote
Angela Christofilou/The Independent
50/50 18 October 2019
Protesters on Whitehall in London during an Extinction Rebellion climate change protest
PA
“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.”
According to Unite, Dbay’s proposal primarily serves to pay back lenders and cover Dbay’s own fees, rather than investing in Eddie Stobart’s long-term future.
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.”
Former Stobart chief executive Andrew Tinkler had put forward a rival package to raise £80m from shareholders as well as a £20m bridging loan. Mr Tinkler said investors were in support of his plan but Stobart’s board rejected it earlier this week, throwing its weight behind Dbay’s proposal.
Mr Tinkler said on Friday that the emergency meeting had been “pretty calm” and that protecting staff was the most important issue.
The company has been through turbulent years since being floated in 2004. In 2014, the trucking and warehousing arm was split off and sold to DBay Capital as Eddie Stobart Logistics, with William Stobart leading the firm.
It then made a number of acquisitions before floating again in 2017. The company’s shares were suspended in August after the discovery of a £2m accounting hole and prior to Friday’s meeting Deloitte had reportedly been lined up as administrators. Rival haulage firm Wincanton had expressed an interest in investing in Eddie Stobart but pulled out late last month.
