Wednesday 17 October 2018

Stobart crisis deepens as former boss ejected

The group has terminated Mr Tinkler’s employment for breach of contract and fiduciary duty.

Stobart is having trouble at the top (PA)
Stobart is having trouble at the top (PA)

By Ravender Sembhy, Press Association City Editor

Stobart has sacked former chief executive Andrew Tinkler from the board and begun legal proceedings against him amid a deepening rift at the top of the logistics firm.

The group said on Thursday that it had terminated Mr Tinkler’s employment and launched a legal case for “breach of contract and breach of fiduciary duty”.

“The company announces that, following the receipt of comprehensive legal advice, it has today served notice on Andrew Tinkler, summarily terminating his employment with the Stobart Group.

“Mr Tinkler will cease to be a director with effect from today’s date.

“The company will also be issuing legal proceedings imminently against Mr Tinkler for, amongst other things, breach of contract and breach of fiduciary duty.”

It comes after Mr Tinkler, former director Allan Jenkinson and a fund controlled by star investor Neil Woodfood began manoeuvring to install retail boss Philip Day as chairman of the firm, in place of incumbent Iain Ferguson.

Together the group owns 33% of Stobart.

Current chief executive Warwick Brady said: “Mr Tinkler’s actions, particularly in recent days, have threatened to destabilise the company and severely impacted my ability and that of my team to manage the business on a day to day basis and deliver the agreed strategy.

“This is against the interests of all of our shareholders.”

Press Association

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