Billionaire lined up for Stobart

A group of shareholders at Stobart are plotting to make retail tycoon Philip Day chairman.

The London Southend Airport owner said it would vote on the appointment of Day, who owns High Street chains including Peacocks and Edinburgh Woollen Mill.

Stobart is under pressure from a group of investors made up of former chief executive Andrew Tinkler, exdirector Allan Jenkinson and the fund controlled by investor Neil Woodford who combined own 33pc of the business’s shares.

Stobart has recently launched an attack against Tinkler for trying to oust incumbent chairman Iain Ferguson.

Tinkler stepped down as chief executive last year but still has a 7.7pc stake in Stobart.

Stobart last week accused Tinkler of ‘destabilising the group at this crucial time’. Stobart’s broker Cenkos has also cut ties with the group as a result of the spat.