New bid for Eddie Stobart

EDDIE Stobart’s former boss has launched a rescue bid for the company in an attempt to hijack a proposal by Dbay Advisors.

Andrew Tinkler, who was chief executive of the troubled haulier until 2014, said Dbay’s offer was ‘not in the best interests of shareholders’.

Eddie Stobart revealed it had discovered a massive black hole in its accounts in August, caused by years of poor accounting practices and mis- stating the value of its contracts.

Rather than buying the company and taking it private, as Dbay was suggesting, Tinkler now wants to pump £70m into Eddie Stobart by selling new shares. This could be used to pay some of the £200m debt pile and keep the business running.

Tinkler, 56, has pledged he would provide a ‘ significant amount’ of the cash, while the rest would come from new and existing shareholders.

The ex- son-in-law of Eddie Stobart’s founder said he ‘has identified and can fix the issues’ which have dogged the company in recent years.

He has already pitched a detailed business plan to the company’s board. Eddie Stobart investors will have to choose between Tinkler’s plan and that proposed by Dbay, a secretive private-equity firm based in the Isle of Man.

One top-ten shareholder said yesterday that both options are still on the table.

Dbay is prepared to inject £55m of new money in the form of a loan, taking control of 51pc of Eddie Stobart’s operating businesses.

Eddie Stobart shareholders would be left with 49pc of the operating businesses, meaning the value of their shares would be much reduced.