Stobart Group celebrates High Court win against former chief executive and rebel shareholder Andrew Tinkler
Stobart Group yesterday celebrated a High Court win against its former chief executive and rebel shareholder Andrew Tinkler.
A High Court judge found Tinkler, 55, had breached his duties as a director at the Southend Airport operator on four counts.
These included criticising the board’s management in front of other significant shareholders and improperly sharing confidential information with retail tycoon Philip Day. Judge Jonathan Russen also ruled the logistics company’s dismissal of Tinkler from the board last year was ‘lawful and valid’.
Hit hard: A High Court judge found Tinkler had breached his duties as a director at the Southend Airport operator on four counts
The trial, held in November, saw a parade of other big-name City figures including Edinburgh Woollen Mill owner Day and star fund manager Neil Woodford take the stand.
Tinkler, who was Stobart’s chief executive from 2007 to 2017, denied all wrongdoing and in a set of counter-claims had asked the court to rule that his sacking was not valid.
Another charge against Tinkler – that he improperly used company funds with lavish expenses – was withdrawn during the trial.
The judge also ruled that four Stobart directors, including chief executive Warwick Brady and chairman Iain Ferguson, breached their duties by arranging a share transfer to the Employee Benefit Trust ahead of the AGM.
Speaking to the Mail, Tinkler said: ‘Even though I breached my duties they breached theirs – which I believe is more serious.
‘It’s sad but at the end of the day I’m strong enough – I’ll move on.’
Tinkler said the trial will cost him between £3m-£4m of his own cash on legal fees. He is considering appealing the ruling.