Logistics Development Group plc, formerly Eddie Stobart Logistics plc, is an investment company with interests in the logistics industry.
 | |
| Company type | Public Limited Company |
|---|---|
| LSE: LDG | |
| ISIN | GB00BD8QVC95 |
| Industry | Investment |
| Predecessor | Eddie Stobart Logistics plc |
| Headquarters | |
| Website | ldgplc |
History edit
In March 2014 Stobart Group announced its intention to re-position itself as an support services business, with the announcement of the sale of its original transport and distribution business to Dbay Advisors Limited (formerly Douglas Bay Capital) for £280.8 million: Dbay Advisors secured a 49% stake in the newly formed business Eddie Stobart Logistics. William Stobart left his position as Chief Operating Officer the Stobart Group to become chief executive officer of Eddie Stobart Logistics.[1]
In April 2017, Eddie Stobart Logistics regained a public listing when it floated on the Alternative Investment Market of the London Stock Exchange, with a £572 million valuation.[2]
Eddie Stobart Logistics subsequently acquired stakes in iForce (April 2017),[3] Speedy Freight (July 2017),[4] The Logistics People (August 2017)[5] and The Pallet Network (June 2018).[6]
In August 2019, it was announced that chief executive Alex Laffey would step down with immediate effect amid the ongoing accounting probe. He was replaced by Sebastien Desreumaux, the chief executive of subsidiary iForce and head of contract logistics at the group.[7][8][9][10]
In September 2019, the company said that it had received buyout interest from Dbay Advisors.[11][12][13]
In October 2019, Wincanton plc expressed an interest in merging with Eddie Stobart.[14] Wincanton, later withdrew its offer, saying that it had “yet to receive full disclosure of the information requested to enable it to complete its due diligence exercise”.[15]
In November 2019, former Eddie Stobart boss Andrew Tinkler tabled a rival rescue proposal.[16][17] DBay increased its holding in Eddie Stobart Logistics from 10% to 27% on 29 November 2019 after it bought Woodford Asset Management's stake in an off-market deal at just 6p a share. It was reported that Woodford Asset Management made a £56 million loss on the sale.[18]
In December 2019, DBay Advisors provided financial support in the form of a £55 million loan bearing interest at 18%; it also increased its shareholding to 51%.[19][20] It was also announced that William Stobart was rejoining the business.[21][22]
On 31 December 2020 the company was re-admitted to the Alternative Investment Market as an investing company managed by DBay Advisers with an investing policy focused on logistics assets.[23]
The company changed its name from Eddie Stobart Logistics to Logistics Development Group in February 2021.[24]
The company sold its interest in the Eddie Stobart Group to Culina Group in July 2021.[25]
References edit
- ^ "Stobart family gets back behind the wheel of famous lorry company". The Guardian. 6 March 2014. Retrieved 1 June 2017.
- ^ "Eddie Stobart Logistics lists on AIM with a £572m valuation". City AM. 25 April 2017. Retrieved 4 April 2018.
- ^ "Eddie Stobart to buy iForce". JLC Solutions. 23 April 2017. Retrieved 14 April 2019.[permanent dead link]
- ^ "Eddie Stobart acquires stake in Speedy Freight". Inside Media. 13 July 2017. Retrieved 14 April 2019.
- ^ "Eddie Stobart takes control of The Logistics People". Apex Insight. 31 August 2017. Retrieved 14 April 2019.
- ^ "Eddie Stobart buys The Pallet Network". Post & Parcel. 28 June 2018. Retrieved 14 April 2019.
- ^ News, Alliance (23 August 2019). "PRESS: Eddie Stobart Logistics CEO To Depart As Shares Face Suspension". MorningstarUK.
{{cite web}}:|last=has generic name (help) - ^ "Eddie Stobart's CEO, Laffey, to step down - Sky News". 22 August 2019 – via uk.reuters.com.
- ^ "Eddie Stobart chief leaves as shares suspended". BBC News. 23 August 2019.
- ^ "Eddie Stobart suspends trading in its shares after accounting error". The Guardian. August 23, 2019.
- ^ "Eddie Stobart says it has received buyout interest from Dbay Advisors". CityAM. September 9, 2019.
- ^ "Eddie Stobart gets takeover interest from DBAY Advisors". September 9, 2019 – via www.rte.ie.
{{cite journal}}: Cite journal requires|journal=(help) - ^ "Eddie Stobart gets early buyout interest from investor DBAY Advisors". Reuters. September 10, 2019 – via www.reuters.com.
- ^ "Wincanton pursues possible merger with Eddie Stobart". City AM. 18 October 2019. Retrieved 11 November 2019.
- ^ "Wincanton withdraws Eddie Stobart interest". Logistics Manager. 25 November 2019. Retrieved 25 November 2019.
- ^ "Andrew Tinkler makes dramatic return in battle for control of Eddie Stobart". Retrieved 25 November 2019.
- ^ "Tinkler: 'How I can save iconic Eddie Stobart Logistics'". News and Star.
- ^ "Woodford funds take £56m hit as Eddie Stobart stake offloaded". Funds Insider. 2 December 2019. Retrieved 2 December 2019.
- ^ "Eddie Stobart saved from collapse after crunch vote". BBC News. 6 December 2019. Retrieved 7 December 2019.
- ^ "Eddie Stobart wins reprieve as ex-owners bail out trucking firm". The Guardian. 6 December 2019. Retrieved 6 December 2019.
- ^ "william-stobart-to-take-key-role-at-eddie-stobart-logistics". Motor Transport. 19 November 2019. Retrieved 1 January 2020.
- ^ "Founder's son to take "day-to-day management responsibility" of Eddie Stobart as chief executive departure announced". News and Star. 18 November 2019. Retrieved 1 January 2020.
- ^ "Company About Us Page". Retrieved 24 Feb 2021.
- ^ "Eddie Stobart changes name to Logistics Development Group". The Business Desk. 9 February 2021. Retrieved 24 February 2021.
- ^ "LDG disposes of Eddie Stobart Holding Company Interest". Inside Media. 1 July 2021. Retrieved 2 July 2021.