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Owners of Southend Airport change name
Stobart Group, the aviation and energy infrastructure group, today announced its intention to change the Company name to Esken, subject to shareholder approval.
The intention to change the Company name follows the announcement on 21 May 2020 that Stobart Group sold the Eddie Stobart and Stobart trademarks to Eddie Stobart Logistics for £10 million. As a result of this transaction Stobart Group agreed it would change its name before the end of February 2021.
The name Esken comes from an old English word meaning “ascend, climb and rise.” The change of name is expected to take place in early February subject to shareholder approval.
Chief Executive Warwick Brady said, “The overlap between Stobart Group and Eddie Logistics has created confusion for investors, prospective employees and other stakeholders. This name change creates a necessary differentiation between the two businesses and underlines the significant transformation the Group has undergone in the last twelve months. It signifies an exciting step forward for the group as we enter 2021 with renewed optimism and a clear strategy focused on aviation and energy.
We believe people want to enjoy foreign holidays as soon as possible. London Southend Airport is well positioned into a recovery. Our position as a London airport focused on leisure travel and delivering a best in class passenger experience will represent a strong proposition for airlines.
Stobart Energy has high barriers to entry and long-term supply contracts. We are focused on realising value for shareholders from this business over the next 18 months. Doing so will leave a well-funded focused airport and aviation services business which is able to grow and serve its expanding catchment area.”