Stobart Group Limited (LON:STOB) has said that following the receipt of comprehensive legal advice, it has today served notice on Andrew Tinkler, summarily terminating his employment with the Stobart Group.
The FTSE 250 transport group said Tinkler will cease to be a director with effect from today and that the company will also be issuing legal proceedings imminently against Mr Tinkler for, amongst other things, breach of contract and breach of fiduciary duty.
The company added that it will be writing to shareholders shortly to provide them with further information on the situation, including its concerns that Tinkler and his associates are attempting to secure control of the company.
Warwick Brady, Stobart chief executive, said: "Mr Tinkler's actions, particularly in recent days, have threatened to destabilise the Company and severely impacted my ability and that of my team to manage the business on a day to day basis and deliver the agreed strategy. This is against the interests of all of our shareholders."