Stobart shares hit by report of probe into property deals | Business
Shares in Stobart Group plunged 5% today after the haulier was reported to have fallen under the glare of the City watchdog over a controversial series of property deals with its directors.
The country's best-known lorry group has issued a strongly-worded rebuke against reports that the Financial Services Authority was examining a deal which will see Stobart buy a property portfolio from its chief executive, Andrew Tinkler, and his brother-in-law William Stobbart, chief operating officer.
Last month the group said that it had agreed to buy the Westbury real estate portfolio from WADI Properties, a company which is controlled by Tinkler and Stobbart.
The duo bought the property for £140 million four years ago, but its value plunged during the recession and WADI's most recent accounts suggest it is in negative equity.
The Daily Telegraph reported that both the FSA and Cumbria police were examining Stobart's deal to buy back the property.
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