CUMBRIAN haulage and logistics company Eddie Stobart is being sold by its parent, the Stobart Group, in a deal that values the company at £280m.

The majority stake was bought by a team led by William Stobart and backed by DouglasBay Capital.

William Stobart will leave the Carlisle-based group's board to become chief executive of Eddie Stobart Logistics and lead it as a private company.