Carlisle-based aviation, energy and civil engineering firm Stobart Group said it raised more than £53 million through a bonds issue.

The bonds will have a five year maturity and will be exchangeable into ordinary shares of Eddie Stobart Logistics plc, in which Stobart Group still has an 11.8% stake.

Stobart Group CEO Warwick Brady said: “Stobart Group is focused on accelerating the growth in its core Aviation and Energy divisions.

“These divisions require further investment in order to optimise shareholder returns on a sustainable basis.

“The group has reviewed its capital requirements and the most effective use of its assets and investments in order to achieve this aim.

“The issuance of this bond allows Stobart Group to realise the value of its interest in Eddie Stobart Logistics while protecting the long-term interests of shareholders.”

Stobart Group said it issued the bonds via its wholly owned subsidiary Stobart Finance plc.

“The bonds will be issued at par, in principal amounts of £100,000 and integral multiples of £1,000 in excess thereof, and will bear interest in the range of 2.25 – 2.75% per annum, payable semi-annually in arrear in equal instalments …” said Stobart Group in a stock exchange statement.