As the old saying goes, “not all that glisters is gold” – and that, in my view, also applies to Eddie Stobart Logistics.

A couple of statements from the British haulier drew my attention earlier this year, at its initial public offering (IPO).

Firstly, when it launched its IPO on 19 April, the group (previously “Eddie Stobart”) said it was “actively assessing opportunities to broaden and enhance its capabilities and accelerate its growth profile through targeted acquisitions”.

“The directors,” it continued, “believe there are ...

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