Whoops, Eddie Has Been Kicked Out!

UK PROFESSIONAL DRIVERS FORUMS THE UK PROFESSIONAL DRIVERS FORUM (INTERACTIVE)
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Scource: ■■■■■■■■■■ News

Stobart Group ejected from FTSE 250 after share price plunges

By Julian Whittle

Published at 11:35, Monday, 11 March 2013

Logistics company Stobart has been ejected from the FTSE 250 index after its share price plummeted.

Stobart Group, which owns the Eddie Stobart haulage firm, has had a difficult year

The decision, which takes effect on Friday, follows a quarterly review by an independent committee of experts.

The FTSE 250 is effectively the second division of the London stockmarket.

The largest companies, as measured by market capitalisation, make up the FTSE 100.

The next 250 largest are in the FTSE 250. Stobart has been a member since March 2009.

However, its share price has fallen by a quarter in the last year.

And in the past three months the shares have underperformed the FTSE 250 index by almost 20 per cent.

The decision to remove Stobart is a symbolic blow and caps what has been a miserable start to 2013.

The company issued a profit warning in January, quickly followed by boardroom changes reported to be driven by the fund-management group Invesco — its biggest shareholder

Non-executive chairman Rodney Baker-Bates stepped down to be replaced by an executive chairman, Avril Palmer-Baunack, who joined the group last year.

Her brief is to sell “under-performing operations”.

Meanwhile, Stobart’s £25m plan to redevelop Carlisle Airport looks to have been grounded for the time being.

Irthington farmer Gordon Brown has started legal moves to overturn Carlisle City Council’s decision to grant planning permission for a 394,000sq ft freight-distribution centre and to resurface the runway.

Mr Brown persuaded the Court of Appeal to quash a previous planning consent in 2009.

His solicitor, Dickinson Dees, has served a pre-action protocol letter on the council as the first step towards another application for judicial review.

Stobart Group began as an offshoot from an agricultural merchant in Hesket Newmarket.

It owns the iconic Eddie Stobart road-haulage business and has diverse interests including property, civil engineering, air and biomass.

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& it’s all tesco’s fault…!

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The more interesting bit is Gordon Brown has got into farming. :smiley:

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There was some guy on here a few weeks ago talking about sinking his savings into stobart shares! Hope he never done it :open_mouth:

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Don’t like to see anyone go down. Maybe they have spread their interests too thinly?

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Stobarts have had long standing financial difficulties :

"On 31 March 2011, Edward Stobart died very suddenly of a massive heart attack. He was rushed to hospital in Coventry but was pronounced dead on arrival. Stobart’s funeral service took place on 9 April 1911 at Carlisle Cathedral, followed by a private burial.

“In May 2011 it was revealed that Stobart had considerable debts at the time of his death and had indeed filed for bankruptcy in 2010.”

Don’t be surprised if Stobart goes belly up. Remember Innovate :question:

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There’s a reason Irlam is starting up again with his Redlorries thing. He knows stobart is about to go pop and and is going to be there to scoop up the work afterwards.:bulb:

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damoq:
There’s a reason Irlam is starting up again with his Redlorries thing. He knows stobart is about to go pop and and is going to be there to scoop up the work afterwards.:bulb:

:wink:

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Dieseldoforme:
Stobart’s funeral service took place on 9 April 1911 at Carlisle Cathedral, followed by a private burial

Wow . Did he start with a horse and cart then hehe

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Well, I’d be lying if a corner of mouth wasn’t lifting in mirth right now, but you can’t blame it on T, they made that firm.

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Can’t see the problem myself,finish on a Friday,have one of those pre -pack things(ala-bulmersover the w/end) then start debt free on a Monday.

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The original Eddie Stobart and the Stobart Group share only a name. Because Edward is dead and buried, it doesn’t mean the Stobart Group are. Just watch Avril kick some butts. :stuck_out_tongue:

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Dieseldoforme:
Stobarts have had long standing financial difficulties :

"On 31 March 2011, Edward Stobart died very suddenly of a massive heart attack. He was rushed to hospital in Coventry but was pronounced dead on arrival. Stobart’s funeral service took place on 9 April 1911 at Carlisle Cathedral, followed by a private burial.

“In May 2011 it was revealed that Stobart had considerable debts at the time of his death and had indeed filed for bankruptcy in 2010.”

Don’t be surprised if Stobart goes belly up. Remember Innovate :question:

Innovate was Pete osbourne, it was bound to go ■■■■ up!! 'twas a big fiddle.

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The bigger they are, the harder they fall. :smiley:

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akaday:

Dieseldoforme:
Stobarts have had long standing financial difficulties :

"On 31 March 2011, Edward Stobart died very suddenly of a massive heart attack. He was rushed to hospital in Coventry but was pronounced dead on arrival. Stobart’s funeral service took place on 9 April 1911 at Carlisle Cathedral, followed by a private burial.

“In May 2011 it was revealed that Stobart had considerable debts at the time of his death and had indeed filed for bankruptcy in 2010.”

Don’t be surprised if Stobart goes belly up. Remember Innovate :question:

Innovate was Pete osbourne, it was bound to go ■■■■ up!! 'twas a big fiddle.

I can remember the adverts in the newspaper for jobs with that company. They stated they pay there drivers £600+ per week. Then a few months later they went out of business

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So your suggesting the fact they paid there drivers £600 a week was the reason they went bust :laughing: :laughing: :laughing: :laughing: yea your right we did earn (600) a week,and more,but I think you’ll find there was a lot of other reasons they finished other than just drivers wages :unamused: ,but by all means blame the drivers :unamused: :unamused: you’d never believe we were just drivers sometimes,the amount of companies we bring crashing down would you :exclamation: :exclamation: :exclamation:

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Wheel Nut:
The original Eddie Stobart and the Stobart Group share only a name. Because Edward is dead and buried, it doesn’t mean the Stobart Group are. Just watch Avril kick some butts. :stuck_out_tongue:

Well she’s not done very well up until now tightening the reigns has she,pay 65 drivers there 000,s worth of redundancy one week,then ring them up the next and see if they want to start back,then tell them the need to do interviews,assessments and 3 day inductions :exclamation: :exclamation: ,really tightened the ■■■■■ strings has our avril :unamused: :unamused: :exclamation: :question: :unamused: :unamused:

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does anyone really believe that there is,nt a link between irlams (redlorries) restarting and Stobs have financial probs, you will see stob jr driving a red lorry at some point…

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The problems with Stobarts are the same as any other family firm that grows too big to remain a family firm.
The pen pushers get in and balls it up. The Stobart family are a haulage family, Just one member of that family probably know more about the haulage business than the entire board of directors, executives, managers, and supervisors put together.
Pen pushers give praise to people in different departments that make savings here and there. What they actually do is shift expenditure to another department or depot. That department then does the same, But the pen pushers don’t realise this as they are too busy patting one another on the backs for a job well done.
The origional family members that no longer control the company would have looked at the whole picture and seen the problems before they arose.