Troubled Warrington-based Eddie Stobart Logistics said on Monday the firm “is relying more heavily on its available debt facilities” and “is currently engaging with its lenders” as it considers a takeover approach from Isle of Man-based DBAY Advisors Limited, one of its biggest shareholders.

In a stock exchange statement, Eddie Stobart said it continues to expect that its underlying EBIT for the full year “will be significantly below the board’s expectations.”

The firm added: “The company, alongside its advisers, is considering all strategic options (including the potential for raising new equity) and is currently engaging with its lenders.

“The board has also resolved not to declare any dividend for FY19.”

Eddie Stobart said on September 9 its third largest shareholder, Isle of Man-based DBAY Advisors Limited, made a preliminary expression of interest to buy the firm.

The September 9 news followed the bombshell of August 23 when Eddie Stobart announced its CEO Alex Laffey would “stand down … with immediate effect” and the firm said it would suspended its shares and delay its half-year results amid an ongoing accounting probe.

Eddie Stobart’s biggest shareholder is Woodford Asset Management Limited with 22.89% of voting rights, and Stobart Group has 11.78% of voting rights, according to the firm’s website.

DBAY Advisors holds 10.11%.