Stobart Group refutes claims of FSA investigation

Stobart Group has refuted claims that the Financial Services Authority (FSA) and Cumbria police are investigating its proposed purchase of property company WADI, which it announced last month.

An article published in The Daily Telegraph today (13 May) claims the FSA is reviewing the details of last month's deal, which formed part of the group's £120m share placing announcement.

WADI is jointly owned by Stobart chief executive Andrew Tinkler and William Stobart. The pair bought the portfolio for £142m four years ago as part of the reverse-takeover of Eddie Stobart by Westbury Property Fund, which created today's multi-modal group.

In a statement, Stobart Group says: "Stobart Group notes the publication of a speculative article in today's Daily Telegraph. The company believes the content of the article to be entirely false.

"The company has been the recipient of scurrilous and malicious allegations previously. The company and its directors have not been contacted by any of the authorities referred to and is confident that there is no inquiry.

"Stobart's own enquiries have ascertained that the claims emanate from a disgruntled individual who has made false claims against the company in the past, which resulted in him receiving a custodial sentence for contempt of court. The allegations are absolutely false."