Dogfight at Stobart Group as former boss sacked from board (News)

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Southend airport

Stobart Group has sacked former boss Andrew Tinkler from the board within the newest twist in a bitter energy wrestle on the proprietor of Southend and Carlislie airports.

The agency is suing Mr Tinkler to court docket for “breach of contract and breach of fiduciary responsibility”, it mentioned.

Mr Tinkler claimed the board had defamed him as a part of a authorized dispute with Stobart Group.

He’s looking for to take away chairman Iain Ferguson in a vote on the agency’s AGM.

Mr Tinkler was chief government of Stobart Group for a decade till he stepped apart final 12 months to give attention to a agency known as Stobart Capital, however remained on the Stobart board.

The dispute between Mr Tinkler and Mr Ferguson erupted after Mr Tinkler got here up with a proposal late final 12 months to purchase the airline Flybe.

Relations deteriorated between Mr Tinkler and the agency final month when he advised the board he deliberate to oppose the re-election of Mr Ferguson as chairman at Stobart Group’s annual assembly on 28 June.

Mr Tinkler, former director Allan Jenkinson, and Neil Woodfood of Woodford Funding Administration have banded collectively to attempt to oust Mr Ferguson as chairman. Collectively, they management a few third of the shares within the firm.

They’re looking for to interchange Mr Ferguson with Philip Day, chief government of Edinburgh Woollen Mill Group.

Nonetheless, Invesco, which has a few 24% holding, has declined to help the transfer.

The agency responded on 29 Could by advising buyers to re-elect Mr Ferguson. Mr Tinkler has alleged this letter was defamatory and is suing 5 administrators for defamation.

Tax cost

In latest weeks Stobart Group has begun pursuing Mr Tinkler within the courts for a tax legal responsibility it says is value £3.8m plus curiosity.

This week the legislation agency Rosenblatt despatched Mr Tinkler’s legal professionals a letter that has been seen by the BBC. The letter alleges that he tried to revenue from the proposed Flybe deal in a method that might have been detrimental to Stobart Group.

The letter additionally alleges that Mr Tinkler has taken “quite a few and substantial” bills out of the corporate.

Mr Tinkler mentioned the allegations within the Rosenblatt letter contained “malicious falsehoods” and that he’ll “rigorously defend himself in opposition to the chairman and chief government’s makes an attempt to defame him”.

Stobart Group, which is value greater than £800m, is separate from the highway transport agency Eddie Stobart Logistics. That agency can be listed on the London market and is value simply over £500m.

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