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Eddie Stobart owner WA Developments International has denied press reports that it has put the haulage firm up for sale.

Speculation about a possible sale of Eddie Stobart gained momentum following WA Developments' decision to draft in corporate finance group BDO Stoy Hayward to look at options aimed at attracting new investment for all its businesses. It is understood that information memoranda are being distributed to potential investors.

WA Developments' chairman and Stobart  chief executive Andrew Tinkler has confirmed that "we might sell some of the share capital" but stresses: "No, Stobart is not up for sale.

"We see an opportunity to grow the business to the next level and push it forward. We are here for the long haul."

WA Developments intends to double Stobart's turnover within four years, Tinkler adds, and growth can only be driven by new investment into the company.

In a statement, WA Developments says: "Eddie Stobart Limited has witnessed a remarkable turnaround since acquisition by WA Developments International in February 2004 and, today, is well positioned to capitalise on the stable platform this has created. The business holds an extremely strong position in the European transport and logistics market with arguably the best known brand in the country."

Tinkler says investment could come from private equity firms or from banks. Money raised, he says, will be used to grow all WA Developments' businesses, with Carlisle  Airport earmarked for "significant investment" as part of the regeneration of Carlisle and Cumbria. The airport has also been identified as a site for the headquarters of WA Developments' companies.