The collapse of UK trucking company Eddie Stobart has been averted following shareholder approval of a £55 million bailout.
The deal with Douglas Bay Capital will secure the future of 6,500 employees and mean the private equity firm takes control of 51% of the business.
Earlier in the year, the logistics firm, famous for its iconic red and green trucks had been on the brink of falling into administration after struggling to clear a £200 million debt.
Douglas Bay Capital found themselves head-to-head with former Stobart Group boss Andrew Tinkler, who put forward an £80m equity raise as an alternative rescue deal.
The company was founded in 1970 by Eddie Stobart and its expansion was driven by his second son, Edward.