Aviation, energy and rail firm Stobart Group said on Thursday that “following the receipt of comprehensive legal advice” it has served notice on executive director Andrew Tinkler, its former chief executive, “summarily terminating his employment.”
The Carlisle-based firm claimed Tinkler and his associates “are attempting to secure control of the company.”
Stobart Group said in a stock exchange statement: “Mr Tinkler will cease to be a director with effect from today’s date.
“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 will be writing to shareholders shortly to provide them with further information on the situation, including its concerns that Mr Tinkler and his associates are attempting to secure control of the company.”
Stobart Group CEO Warwick Brady 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.”
Early on Friday, Stobart Group sent this letter to shareholders.