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Stobart thrives under its new management
Page 6
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Britian's favourite haulier Eddie Stobart is seeing its business turned around following a change in ownership. Chris Tindall reports.
THE NEW OWNERS of highprofile haulage firm Eddie Stobart say they are well on the way to turning round the company's fortunes 'Ibe group's latest accounts, for the year ending 28 February 2005, show it turned a f10m loss in 2004 into a pre-tax profit of £1.8m.
Turnover fell by £12m to £118.3m. but with a 1.5% profit margin. The haulage and warehousing arm alone made a fl .4m profit before tax, compared with a £9,9m loss during 2004.
William Tmkler is chairman,chief executive and majority shareholder of parent companyWA Developments, which took over Eddie Stobart in earls, 2004. "We are very happy with the results, they needed to be going in that direction ," he says "The business struggled last year, then we took over and changed sonic things. We are now ahead of budget on turnover and profit.
"These changes along with a more rigorous approach to trading...are continuing to improve the operating performance of the business units within the group. A significant investment programme in new vehicles and equipment... has simultaneously provided an opportunity to update the Eddie Stobart livery."
Responding to rumours that it has won the contract to run Tesco's warehousing and distribution operation from its Crick site, he says:"We have won a contract to do their transport... in Chesterfield. We have been doing other tender work for Tesco. Nothing has been finalised.At the end of the day we are looking to grow the business and work for people like Tesco."
Tinkler was named director for Eddie Stobart in February 2004 on the day Edward Stobart resigned.
As part of Stobart's re-fleeting it has agreed a £2m funding package with the Bank of Scotland Corporate Asset Finance in order to buy 40 new Scania tractor units As a thank-you gesture to Paul Lewis who brokered the deal, the firm has named one of the new trucks after his daughter, Charlotte Jane (pictured).