词条 | Stobart Group | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| name = Stobart Group Ltd | logo = Stobart Group logo new.svg | type = Public limited company | traded_as = {{LSE|STOB}} | predecessor = | successor = | founder = Eddie Stobart | fate = | area_served = Ireland, United Kingdom | key_people = Iain Ferguson {{small|(Chairman)}} Warwick Brady {{small|(Chief Executive)}} | industry = Infrastructure and support services | genre = | products = | services = | revenue = £242.0 million (2018)[1] | operating_income = £119.1 million (2018)[1] | net_income = £100.0 million (2018)[1] | aum = | assets = | equity = | owner = William Stobart (51%) | num_employees = | parent = | divisions = {{hidden||ta1=left| {{columns-list|colwidth=30em|{{Unbulleted list|Stobart Energy|Stobart Aviation|Stobart Rail|Stobart Investments}} }} }} | subsid = {{hidden||ta1=left| {{columns-list|colwidth=30em|Stobart Holdings Ltd Stobart Biomass Products Ltd Stobart Rail Ltd Stobart Airports Ltd Stobart Air Ltd London Southend Airport Company Ltd Aer Arann UK Ltd Stobart Estates Holdings Ltd Stobart Properties Ltd WADI Properties Ltd Westbury Properties Ltd Moneypenny Ltd Stobart Group Brands LLP Eddie Stobart Promotions Ltd Stobart Barristers Ltd Stobart Biomass Transport Ltd}} }} | footnotes = | intl = | caption = | foundation = 2007 | location_city = | location_country = | location = Carlisle, England, UK | locations = | homepage = {{URL|http://www.stobartgroup.co.uk}} }} Stobart Group Ltd ({{LSE|STOB}}) is a British infrastructure and support services company, with interests in energy, aviation and rail, through operations in the United Kingdom and Ireland. The company is registered in Guernsey but has its operational head office in Carlisle, England. The group had its origins in the transport and logistics business run by Edward Stobart from 1976 to 2004. Trading as Eddie Stobart, he had inherited and expanded it from the agricultural business founded by his father "Steady" Eddie Stobart in the 1940s. It eventually grew to become one of the UK's most recognised brands. Following corporate restructurings in 2004 and 2007, the group became a public company and diversified into various other sectors, while retaining Stobart family members William Stobart (Edward's brother) and his brother in-law Andrew Tinkler in the management roles of COO and CEO respectively. After boardroom changes in 2013, in 2014 a 51% stake in its original transport business was sold, becoming Eddie Stobart Logistics with William Stobart as its CEO. The Group retained the rights to the brand Eddie Stobart, licensing it out to the new company. With Andrew Tinkler remaining CEO at Stobart Group, it re-positioned itself around its remaining interests, as a services company. The company is listed on the London Stock Exchange and is constituent of the FTSE 250 Index. However, unlike most UK public companies, Stobart Group retains its "Ltd" status as it is incorporated in Guernsey and not England & Wales or Scotland, which would require it to change its suffix to "plc" status. HistoryEarly historyThe business was started by Eddie Stobart in the late 1940s as an agricultural business in Cumbria. His son, Edward Stobart Junior, was born in Cumberland in England on 21 November 1954 at his parents' house just outside Hesket Newmarket near Carlisle. He was one of four children, with an elder sister Anne, an elder brother John and a younger brother William. He was always called Edward to avoid confusion with his father Eddie. He was very interested in lorries, and when he left school, he started working for his father's contracting business delivering agricultural material in the region. The first truck bought by Eddie Stobart in 1960 was painted post-office red and Brunswick green with yellow lettering. These colours were used for subsequent vehicles up to 1969. Eddie Stobart controlled the organisation fully until 1973, when, at the age of 19, Edward Stobart took the place of CEO. In 1976, Eddie retired and Edward took full control of the road haulage business and the name Eddie Stobart Ltd in 1976, becoming Chairman.[2] By 1985 Edward Stobart owned 26 vehicles but he would still personally wash the trucks.[3] A lot of hard work, never declining an order, and a virtual paranoia about keeping his lorries, characterised by their Tautliner bodies, immaculately clean eventually paid off, and Edward started to get orders from larger businesses. One of the key success factors for the company was its specific emphasis on building a strong reputation and corporate image. For example, in the 1980s and 1990s, if any driver was caught not wearing a tie while on duty, he or she could face disciplinary action. Similarly, the company had a policy that all drivers must wave back and honk their horn in the traditional truck-driver fashion when signalled by a passer-by or "Eddie spotter" to do so.[4] As well as a new management team in 1986, another key element in its growth at this time was the opening, on 1 April 1987, of its first depot in the English Midlands (at Burnaston).[5] By 2002 the company was experiencing financial difficulties caused by the fuel crisis. In 2001 the haulage business had posted its first loss,[6] with the fan club making more money than the haulage business.[6] On 15 October 2003 it was announced that Eddie Stobart was to be sold to WA Developments, a civil engineering company that specialised in railway maintenance, based in Appleby-in-Westmorland, Cumbria. At the time, Eddie Stobart was 55% owned by Edward Stobart and 45% owned by his brother William. WA Developments was 27% owned by William and 73% owned by William's school friend, brother-in-law and business partner Andrew Tinkler. In effect, therefore, William Stobart's stake in Eddie Stobart reduced from 45% to 27%.[7] Public listing and further restructuringThe Stobart Group was created on 15 August 2007 when the Eddie Stobart Logistics business gained a stock market listing through the reverse acquisition of the Westbury Property Fund Ltd, a commercial property and ports company. Westbury acquired the ultimate Eddie Stobart Ltd holding company, Stobart Holdings Ltd, from W.A. Developments International Ltd for £137.7 million: £62 million in cash and £76 million in new Westbury Property Fund shares. The renamed Westbury group then became the London Stock Exchange listed Stobart Group Ltd, with Andrew Tinkler and William Stobart becoming substantial shareholders holding 20% and 8.5% respectively of the Stobart Group.[8][9] On 10 March 2008 the Stobart Group acquired W. A. Developments Ltd from W. A. Developments International Ltd, for £15 million (£2.5 million in cash and £12.5 million in new Stobart Group shares).[10] On 21 April 2011, the Stobart Group announced a Placing and Open Offer (similar to a rights issue) of 77,339,766 new ordinary shares in the Stobart Group at 155p each to raise net proceeds of £114.9 million to achieve its growth plans.[11] Boardroom coup and counter-coupIn January 2013, following an under-performing share price, Stobart Group's largest shareholder, Invesco, initiated a number of boardroom changes. The Non-Executive Chairman, Rodney Baker-Bates, was demoted to become a Non-Executive Director, whilst Avril Palmer-Baunack, the former Chief Executive of Autologic and now Deputy Chief Executive of Stobart Group, was promoted to become Executive Chairman. Her remit was to sell off under-performing parts of the business.[12] However, disagreements started with Andrew Tinkler and William Stobart, who held 12.6% of the Stobart Group at the time, over what could be classified as an "under-performing asset". Their view was that there were no under-performing assets in the Stobart Group whatsoever. In April 2013, Stobart Group announced that Avril Palmer-Baunack would be leaving the Group in the next month. In October 2013, Stobart Group appointed Iain Ferguson CBE as its new independent Non-Executive Chairman.[13] Partial realisation of Transport and Distribution DivisionIn March 2014, Stobart Group announced its intention to re-position itself as an Infrastructure and Support Services business, with the announcement of the sale of its original Transport and Distribution business to Douglas Bay Capital for £280.8 million: £195.6 million in cash and £44.1 million in shares (and therefore a 49% stake) of the new Eddie Stobart Logistics business. The deal enabled Stobart Group to pay back almost all of its debt, conduct a £35 million share buy-back and invest £55 million into its new division Stobart Green Energy. At the same time William Stobart left his position as Chief Operating Officer of the Stobart Group to become Executive Chairman of Eddie Stobart Logistics.[14] HeadquartersFollowing growth, the company had previously been looking to move from its long standing Carlisle base and was considering a relocation further down the M6 motorway to Warrington. These plans were rejected in 2006 due to potential job losses in Carlisle.[6] Financial performanceFigures below show the recent results for the Group; the financial year runs to the last day of February each year:[1][15]
OperationsStobart EnergyOn 24 March 2010, the Stobart Group announced the purchase of 50% of A. W. Jenkinson Biomass Ltd, from A. W. Jenkinson Forest Products, for £30 million, as an equal mix of cash and shares. A. W. Jenkinson Biomass Ltd was then renamed Stobart Biomass Products Ltd. Stobart Biomass transports sustainable wood products for use in low-carbon emission power plants, producing electricity at both large and small scale power plants, including for export.[16] The Stobart Group also announced it was buying the remaining 50% of Stobart Biomass Products it did not already own for £20 million.[17] Stobart AviationCarlisle Lake District AirportIn 2006, Stobart had also been considering expanding into the air freight business. On 7 April 2006 Haughey Airports Ltd – the company which operated Carlisle Airport – was acquired by Eddie Stobart's parent company WA Developments, through a subsidiary company Stobart Air Holdings Ltd. Haughey Airports Ltd was then renamed Stobart Air Ltd.[18] Plans were announced to redevelop the airport site to include a new passenger terminal, an air freight service, a new joint headquarters for WA Developments and Eddie Stobart, and a {{convert|750000|sqft|m2|adj=on}} distribution centre.[6] After the reverse takeover in 2007, the Stobart Air operation remained outside the enlarged Stobart Group, i.e. it was still owned by WA Developments.[9] The March 2008 purchase by the group of W. A. Developments Ltd included a £50,000 option agreement to purchase the airport, controlled by WA Developments through Stobart Air Holdings.[10] In January 2009, Stobart Group's subsidiary, Stobart Airports Ltd., exercised its option to acquire Carlisle Lake District Airport from Stobart Air Holdings for £14 million (£1 million less than originally announced). Following an independent shareholder vote, the acquisition was completed in May 2009, and the purchase price was reduced to £9.9 million due to a fall in the value of Stobart Group shares.[19] On 4 April 2008 controversy emerged surrounding the proposed developments to Carlisle Lake District Airport. In response to 63 apparently overly restrictive planning conditions placed on the development plans of Stobart Air, Andrew Tinkler apparently intended to move the Stobart haulage and warehousing operation out of Carlisle to Widnes, as a contingency 'plan B', asserting the redevelopment under the proposed condition would not be completed in time.[20] By 8 April talks had proceeded, and centred on ten disputed points.[21] On 10 April 2008 it was announced that Andrew Tinkler and Carlisle City Council leader Mike Mitchelson shook hands on a revised list of conditions for the plan.[22] In January 2011, Stobart Air submitted proposals to build a 394,000 sq ft Air Freight Distribution Centre on the site. Under the plans, Eddie Stobart would re-locate all its Carlisle depots to the airport, and there would be passenger flights to and from London Southend Airport, operated by Aer Arann, an airline 5%-owned by the Stobart Group through a 35 convertible preference shares of €1 each acquired on 10 November 2010.[23] Further details on jobs and flights were supplied in support of the application in July 2011.[24] Durham Tees Valley AirportOn 14 March 2019, the Mayor of the Tees Valley, Ben Houchen, who in January 2019 brought Durham Tees Valley Airport back into public ownership, unveiled Stobart Aviation as the new operators of the airport. Stobart will manage the airport on behalf of the Tees Valley Combined Authority and will invest in a 25% stake in the new airport company. The airport is expected to revert back to its previous name of Teesside International Airport in the coming months.[25] London Southend AirportOn 2 December 2008, Stobart Group announced the surprise £21 million purchase of London Southend Airport, through its subsidiary Stobart Airports Ltd from Regional Airports Ltd (who also own London Biggin Hill Airport). The deal completed on 5 December 2008. At the time, the book value of London Southend Airport's assets were £25.5 million, and the acquisition was later described as a "bargain purchase" by the Stobart Group. The deal was paid as to £10 million in new Stobart Group shares, £6 million by a vendor loan note, and the remaining £5 million was to be paid on the completion of the London Southend Airport expansion plans in July 2012.[26] Air passenger services{{Main article|Stobart Air}}On 11 October 2010, the Stobart Group announced that it was purchasing 35 convertible preference shares of €1 each in the parent company of the Irish airline Aer Arann, Everdeal Ltd, through its subsidiary Aer Arann UK Ltd, for €2.5 million, enabling it to have a 5% stake in the airline. Stobart Group had an option to increase its stake by a further 27.5% to 32.5%. At the same time, Aer Arann announced that it would start twice daily flights from Stobart Group's London Southend Airport to Galway and Waterford in Ireland from 27 March 2011.[27] On 24 February 2017 Stobart Group completed 100% acquisition of Stobart Air, after purchasing the remaining 19% of Everdeal Holdings. Stobart Group also completed 100% ownership of Propius Holdings Ltd, the aircraft leasing firm through which many of the Stobart Air aircraft are sourced.[28] In February 2018, it was reported that Stobart was considering purchasing 100% of Flybe for whom it currently operates flights from London Southend.[29] |
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