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The company says Cheshire-based Irlam – whose clients include the likes of Procter & Gamble, Danone and Pedigree - will complement its existing business operations. Stobart (parent company of Eddie Stobart) will pay £36.2m in cash, as well as £10.0m in shares and £13.7m in loan notes. David Irlam, chief executive of Irlam, will join the board of Stobart Group as executive director.

The group is also set to acquire WA Developments – currently owned by Andrew Tinkler and William Stobart,  chief executive and chief operating officer respectively of Stobart, for £10m cash. In addition, the firm plans to enter into an option to acquire Carlisle Airport, for £15 million - £2.5m in cash and £12.5m in shares. The Airport, whose parent company is WA Developments International, owns 460 acres of land in Carlisle, on which Stobart plans to build a new logistics centre, subject to planning permission.

To finance the deals, Stobart Group proposes to raise £75m by means of a placing an open offer of 57.67 million ordinary shares at 130 pence a share. Rodney Baker-Bates, Stobart Group chairman, says: “These proposals represent another step towards establishing Stobart as the UK’s leading multimodal transport and logistics provider. James Irlam & Sons is a company with a strong track record for solid delivery and first class customer service with an operating ethos very similar to that of Eddie Stobart.

“The acquisition of WA Developments and the option to purchase  Carlisle Airport will enhance the development of our existing operations and provide additional growth opportunities”. The enlarged company will have net assets of over £320m and employ more than 3,500 people across the UK. As a result of the acquisition, Stobart will operate more than 1,300 trucks and 2,300 trailers.