EDDIE Stobart is to have new owners at the wheel after Britain's best known trucking business was sold to investors in a deal worth around £280 million.

The business, which employs around 5000 people and operates 2300 vehicles, will now be led by the founder's youngest son William Stobart.

Stobart Group is retaining a 49% stake in the truck company and the rights to the Eddie Stobart name.

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It said the sale will make it possible for it to almost wipe out its debt, and put more focus on its operations in the biomass energy, air and rail markets.

Among the backers of the deal are asset management firm DBAY Advisors.