LOGISTICS group Stobart has responded robustly to allegations in a national newspaper that the Financial Services Authority are investigating a property transaction after being passed information by Cumbria Police.

Stobart last month announced is was in talks to buy back a property portfolio from two senior executives – chief executive Andrew Tinkler and chief operating officer William Stobart – which the pair acquired from the company four years ago.

In a statement to the stock market this morning, the company responded to the “speculative article” in today’s Daily Telegraph.

It said: “The company believes the content of the article to be entirely false. The company has been the recipient of scurrilous and malicious allegations previously.

“The company and its directors have not been contacted by any of the authorities referred to and is confident that there is no inquiry.

“Stobart’s own enquiries 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 logistics group employs more than 1,000 people at its sites in Warrington and Widnes.