Edward Stobart, who turned father's small business into 1,000-vehicle juggernaut, died bankrupt owing £220,000
The man who built up Eddie Stobart from almost nothing into Britain's best-known trucking company, with more than 1,000 lorries and 2,000 staff, died bankrupt, owing creditors almost £250,000.
Edward Stobart died two months ago at the age of 56, but he had already sold the haulage group in 2004 for an undisclosed sum that was estimated by some to be about £150m.
This is the latest mystery to be associated with the company, which acquired almost legendary status in popular culture but which has also recently been mired in controversy over property deals.
Insolvency firm RSM Tenon said on Thursday that Stobart had petitioned for bankruptcy at Warwick county court and that there were claims of about £220,000. "No material assets have yet been recovered," added a Tenon spokesman.
Stobart had disposed of the haulage business, Stobart Group, to WA Developments (International), a company part-owned by his brother, William, and a commercial partner, Andrew Tinkler.
The company expanded, moving into property, airports and even renewable energy. Edward Stobart, however, went on to buy a lorry trailer firm which collapsed in 2009.
He died after heart problems at a hospital in Coventry and was given a celebrity-style funeral at Carlisle cathedral, with proceedings relayed to mourners outside via large television screens.
Before selling the business, Edward Stobart had been managing director for 30 years, having taken over eight trucks and 12 employees from his father, the eponymous Eddie. He had created a trucking company with not only a loyal customer base but also its own fan club, with 25,000 members who bought branded red, green and white model lorries, screensavers and even wallpaper.
The Stobart Group, which listed on the stock market four years ago, produced revenues of £500m in the last financial year. However, it also attracted criticism when its plans to raise £120m through a cash placement also mentioned buying back property sold off earlier to Tinkler and William Stobart.
It was suggested that the Financial Services Authority, the City watchdog, might be moved to investigate, triggering a strong statement of denial from the company through the London Stock Exchange. It said: "Stobart's own inquiries have ascertained that the claims emanate from a disgruntled individual who has made false claims against the company in the past which resulted in him receiving a custodial sentence for contempt of court. The allegations are absolutely false."
The Stobart Group declined to comment on the financial problems left by Edward Stobart, saying they were a "private matter".
But Stobart's chaotic personal situation is at odds with the high standards he once demanded of his driving staff, who had to wear collars and ties at the wheel and were instructed to wave back and honk their horns when signalled to by passers-by.