Eddie Stobart

Eddie Stobart

Eddie Stobart gets set to float

Leading logistics group Eddie Stobart has announced plans to float on the London Stock Exchange in a move that would value the firm at over £550m.

The group expects to raise around £130m from the initial public offering (IPO) next month, with the money used to fund growth and reduce debt.

Alex Laffey, chief executive, said: "An IPO is an exciting next step for the business that will give us a strong platform for further growth.

"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 group generated revenue of £549m and adjusted earnings of £41m last year.

Eddie Stobart said with the UK and European logistics market "highly fragmented", the float would offer the firm a wide variety of opportunities for growth.