One of Cumbria's best-known businessmen has thanked everyone who has helped him during his time in charge as he prepares to hand over the reigns at Stobart Group.

Andrew Tinkler has also wished his successor good luck ahead of the company's AGM in Guernsey today.

Warwick Brady will take over as chief executive from Mr Tinkler, who will remain on the board and will also head up a new division, Stobart Capital, a "value creation unit". It will operate independently and present new investment opportunities to a sub-committee of the company's board.

Mr Tinkler has been in charge of Stobart Group since 2007, when it first listed on the stock exchange.

Initially he helped to transform the fortunes of the Eddie Stobart logistics business, which the group owned at the time, and then helped develop its current strategy, which includes energy, aviation and rail divisions.

He said: "I would like to thank all stakeholders for their support over the last 10 years and I am looking forward to working with Warwick as the new chief executive of the group.

"Approximately 50 per cent of my time will be dedicated to helping support Warwick and the existing businesses as an executive director on the group board. In particular, I will be using my experience and skill set to help deliver and realise the value in our infrastructure and investments divisions.

"The remainder of my time will be spent in Stobart Capital looking for strategic opportunities to support the strategy of the group and create more value."

In a statement to the London Stock Exchange the company announced it had generated £159.7m from two transactions - from the IPO of Eddie Stobart Logistics, which the group has a 12.5per cent shareholding in, and a sale and leaseback of eight aircraft.

This statement also said trading was in line with expectations and that an update would be published on October 19.

Last month the firm announced a it had made a pre-tax loss of £8.025m.

The group's AGM takes place at midday today in St Pierre Park Hotel, St Peter Port, Guernsey.