Eddie Stobart to float on London Stock Exchange in drive for growth

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Eddie Stobart to float on London Stock Exchange in drive for growth

Eddie Stobart intends to implement a progressive dividend policy following admission and to pay a dividend for the 2017 financial year.

The money raised from the initial public offering will allow Eddie Stobart to pursue both organic and acquisition-led growth in a highly fragmented market that is flourishing on the back of the booming European e-commerce sector, holding company Greenwhitestar UK said.

"We look forward with confidence to creating value for our customers and our shareholders in the years to come".

Eddie Stobart has exchanged contract with LondonMetric Property for a single new 180,000 sq ft distribution unit at its logistics centre in Dagenham.

The existing owners will hold no more than 30% of the business after the float.

Greenwhitestar is 51 per cent controlled by DBAY Advisors, the activist investor previously known as Laxey Partners, with Stobart retaining the other 49 per cent.

Chief executive Alex Laffey said: "We have transformed the business over the last three years and made significant investment in our customised technology and systems alongside developing our management and workforce to support growth in new business sectors".

The firm also announced that Philip Swatman has agreed to join the firm and act as independent chairman of the board.

It generated revenues of £594m in the year to 30 November and adjusted earnings before interest and tax of £41m.

Planning consent has already been received and construction is expected to commence next month with completion by April 2018.

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