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Stobart seeks capital for Carlisle move
Page 11
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EDDIE STOBART, the largest independent logistics firrn,is planning to sell off some of its business to fund expansion, and to relocate to Carlisle Airport.
AndrewTinkler,chief executive of the Cumbrian haulage company, is working to attract investors and is already in the first round of an auction process with prospective buyers. The plan is to double the size of the business by 2011.
However, Tinkler stresses that he will not sell all the shares in the high-profile firm: "Maybe some of the share capital. But Pm in it for the long term. We've only just turned it around."
WA Developments, the railway and building engineering company that acquired Eddie Stobart in February 2004, also bought Carlisle Airport in April last year. Tinkler says the only way the haulage company can successfully relocate its head office to the site is through outside investment.
He adds: "We're looking at all our businesses to raise funds to carry out that move and develop the airport. We want to drive the business forward.We're feeling the market, getting investors interested in the business."
Tinkler reports that information has been sent to private equity firms following a strategic review of the business by corporate finance group BD() Stoy Hayward.
Senior Plimsoll analyst David Pattison says the company's 125in formal debt is the main reason why the company will need outside support to finance a large project.
Pattison believes the valuation of the Stobart Group of£100m-£150m in the national press is high; he thinks a top-end valuation of 1.60m is more realistic: "It is releasing forecasted profits for the latesi period of £.8m; well above tilt 13.6m reported in 2006.
"This profit seems somehow tc be very exceptional. I would waril to wait and see the details of thal latest profit expectation."