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Wincanton moots making offer for Eddie Stobart Logistics

Joanna Bourke
Eddie Stobart press image

Storage and transport group Wincanton on Friday became the latest potential bidder to circle troubled Eddie Stobart Logistics.

Wincanton is doing a due diligence exercise on £270 million Eddie Stobart, where Neil Woodford was the biggest shareholder.

Shares in trucking firm Eddie Stobart have been suspended since August. It has had a tumultuous time this year with an accounting error and profit warning.

The shares stood at 71p just before they were suspended, down from a 163p peak in 2017.

Woodford’s Equity Income fund was Stobart’s biggest shareholder before his fund was shut down this week.

Stobart has received a number of approaches.

Private-equity group DBAY Advisors remains in talks to make a offer, while a company controlled by Stobart Group’s former boss Andrew Tinkler walked away.

Wincanton has until November 15 to make an offer or walk away.

Anand Date, an analyst at Wincanton’s house broker HSBC, said: “Opportunities for transformative deals at potentially appealing prices do not come around very often.”

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