Eddie Stobart gears up for £150m business sale
01/03/2007
WA Developments, the owner of UK haulage company Eddie Stobart could sell the business after hiring BDO Stoy Hayward to examine strategic options.
The company, which is still partly owned by the Stobart family, could fetch up to £150m, with interest expected from private equity. Information memoranda has reportedly already been distributed to potential buyers, and the first round of an auction is underway.
Founded by Edward Stobart in 1970, the company operates a fleet of 800 vehicles from 27 depots in the UK. Quirks such as individually-named female lorries and the compulsory shirt and tie for drivers helped bring the company popularity with the public, and it has built up a strong cult following, with model lorries, depot tours and lorry rides available for fans to purchase.
Eddie Stobart's annual turnover is thought to be over £140m, with pre-tax profits for 2007 forecast to be around £8m.
