Stobart Group founder and former chief executive Andrew Tinkler has sold his stake in the Carlisle-based energy, airports and civil engineering firm.

Tinkler sold his remaining 5% in the group which is worth roughly £20 million.

Meanwhile, UK hedge fund Toscafund Asset Management has taken a roughly 18.8% stake in Stobart Group.

Tinkler still owns a 6.51% stake in Eddie Stobart Logistics, which was spun out of the Stobart Group in 2014.

Eddie Stobart Logistics is now controlled by Isle of Man-based DBAY Advisors, which bailed out the group after it faced collapse late last year.