Discussion
Wasn't there a big spat with one of the Director's (Andrew Tinkler) a few months ago and there was a deadline for taking ownership of the firm between him and the other major shareholder(s)/ equity backers? Sure I read it on the BBC website.
There was also an accountancy error I think I read at the time too!
This was re the Accountancy error and suspension of shares https://www.bbc.co.uk/news/business-49445495
There's quite a bit about Tinkler - https://www.bbc.co.uk/news/business-44489396
There was also an accountancy error I think I read at the time too!
This was re the Accountancy error and suspension of shares https://www.bbc.co.uk/news/business-49445495
There's quite a bit about Tinkler - https://www.bbc.co.uk/news/business-44489396
Edited by towser44 on Tuesday 3rd December 19:48
It's a long and convoluted story, the short version is that Eddie Stobart Limited ('ESL') was part of Stobart Group (who now concentrate on owning airports and biomass as well as being part owner of Flybe).
Stobart Group sold ESL to DBAY and retained some ownership whilst licensing the Stobart brand to it. Willy Stobart continued with ESL and then left, I think, 2017.
ESL was floated and DBAY made a considerable profit.
What looks like some sharp accounting practice took place at ESL, which is still being examined by auditors.
ESL have found themselves owing £200m to the banks and facing a liquidity crisis.
DBAY have offered to cover the liquidity shortfall in return for the shareholders taking a massive haircut (shares were suspended at I think 70p and offer will be 10% of that or so). Banks have agreed to DBAY plan.
Andrew Tinkler, ever the woodchip in the oil, is competing with DBAY to buy ESL for himself, but without bank backing.
Shareholder vote on DBAY offer tomorrow.
If no agreement, likely ESL pre-pack to DBAY on the cheap anyway.
Stobart Group sold ESL to DBAY and retained some ownership whilst licensing the Stobart brand to it. Willy Stobart continued with ESL and then left, I think, 2017.
ESL was floated and DBAY made a considerable profit.
What looks like some sharp accounting practice took place at ESL, which is still being examined by auditors.
ESL have found themselves owing £200m to the banks and facing a liquidity crisis.
DBAY have offered to cover the liquidity shortfall in return for the shareholders taking a massive haircut (shares were suspended at I think 70p and offer will be 10% of that or so). Banks have agreed to DBAY plan.
Andrew Tinkler, ever the woodchip in the oil, is competing with DBAY to buy ESL for himself, but without bank backing.
Shareholder vote on DBAY offer tomorrow.
If no agreement, likely ESL pre-pack to DBAY on the cheap anyway.
Nice Summary! Thank you.
I remember a long while ago there was a book to teach basic accounting to non-accountants, which had a case study running through it of a firm where a new managing director tried to be clever with the books and ended up bankrupting them - but on the surface the P&L/Balance Sheet looked rosy. I'll have to try and find the name of the book, it showed all the things to look for in the accounts.
I remember a long while ago there was a book to teach basic accounting to non-accountants, which had a case study running through it of a firm where a new managing director tried to be clever with the books and ended up bankrupting them - but on the surface the P&L/Balance Sheet looked rosy. I'll have to try and find the name of the book, it showed all the things to look for in the accounts.
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