An island based international asset firm is being linked with a possible takeover bid for Eddie Stobart Logistics.

The well-known haulage company, whose headquarters are in London, confirmed it has received an ’expression of interest’ from DBAY Advisors, which already has a 10% stake in the business and is Stobart’s third biggest shareholder.

It means the suitors now have until 5pm on October 7 to either table a formal bid or walk away, under stock market rules.

The possible takeover is taking place less than a month after shares were suspended in Eddie StobartLogistics and the chief executive was shown the door.

Stobart said: ’There can be no certainty either that an offer will be made, nor as to the terms of any offer, if made. A further announcement will be made when appropriate.’

DBAY Advisors, which is based in Athol street, Douglas, has been involved with Stobart for several years, including its flotation in 2017 in which Stobart Group - which owns Southend Airport - sold its stake in the haulage business.

On its website DBAY Advisors says: ’Our goal is to provide our investors with superior risk-adjusted returns while prioritising preservation of capital by focussing on investments with a high margin of safety.’

The news follows the departure of Stobart chief executive Alex Laffey and suspension of trading last month after it failed to publish its half-year results in time.

However, it is understood for any deal to be approved, it would need to be voted through by shareholders who include Neil Woodford’s fund, which has a 23% stake in the trucking business.