Eddie Stobart shareholders have approved a £55 million rescue sale, involving an Isle of Man business, in a bid to secure the future of its 6,500 employees.

The Carlisle trucking firm, famed for its green and red lorries, had been on the brink of collapse after struggling to deal with a £200 million debt pile and recent accounting errors.

Investors voted in favour of private equity firm Douglas Bay (DBay) Advisors’ offer for the business in a crunch vote at a general meeting in central London today (Friday).

DBay, based in Athol Street, Douglas,said it will inject approximately £55 million of new financing into the historic distribution company to provide ‘necessary liquidity’ to continue to trade.

It said shareholders voted ‘overwhelmingly’ in favour of the DBay offer – which had been backed by Eddie Stobart management – and both parties intend to complete the move as soon as possible.

A DBay spokesman said: ‘We would like to thank shareholders for supporting our transaction, which will bring immediate stability to the business.’