The Board of Stobart Group Ltd has announced a partial sale of its Transport and Distribution Division, to enable it to focus on its Infrastructure and Support Services Divisions and invest further in the Group's air, rail and biomass businesses.
The Transaction will position the Group to repay substantially all of its debt, accelerate the growth of the Continuing Group and buy back a proportion of its shares.
Stobart Group proposes to realise 51% of Eddie Stobart Logistics, the holding company of the parts of the Transport and Distribution Division being sold. The Transaction values the business being sold at approximately £280.8 million.
The third son of founder Eddie Stobart, William, will now head the spun-off Eddie Stobart Logistics.
The Stobart Group aims to focus on passenger growth at its London Southend and Carlisle Lake District airports, capitalising on demand for regional airport capacity in London and the South East and the UK as a whole