Andrew Tinkler has re-entered the fray in yet another dramatic twist in the battle for control of Cumbrian-born logistics giant Eddie Stobart.

In a statement TVFB (3) Limited – a company controlled by the high-profile businessman – confirmed that it had submitted an alternative proposal to Eddie Stobart bosses and its advisers which includes pumping £70 million into the troubled haulier.

A “significant amount” of the funding boost would be provided by Andrew Tinkler, who was chief executive of Eddie Stobart until 2014, with the remainder coming from institutional investors and other new investors, said TVFB.

The money would “deleverage” Eddie Stobart’s balance sheet and immediately return the company “to a much healthier financial position”, it added.

Eddie Stobart’s board has already shaken hands on a deal with long-term backer DBAY Advisors, which would see the international asset management firm take a 51 per cent state and provide a £55 million capital injection.

Eddie Stobart shareholders are due to vote on the proposal at a meeting on December 6.

But TVFB has claimed the DBAY deal is “not in the best interests” of shareholders and that its alternative proposal is “considerably more advantageous to Eddie Stobart shareholders and also its lenders”.

“TVFB believes it has identified and can fix the issues that have contributed to the profits decline seen in the core transport business in recent years,” it said in a statement.

“TVFB has prepared a detailed business plan, which shows the effect of various initiatives it proposes Eddie Stobart should implement, and is confident that operating margins and growth can return to the levels last seen when Andrew Tinkler stepped down as chief executive.”

It added: “TVFB already has significant commitments towards the equity funding.”

At the time of writing there was no response from Eddie Stobart on the new proposal.

Former Stobart Group chief executive Mr Tinkler first confirmed his interest in taking control of Eddie Stobart back in September, expressing a desire to “see if I can get involved for the success of the business going forward” and “make sure the business survives through this difficult time”.

A month later he issued he appeared to back away by issuing a “No Intention to Bid Statement”.

However, he did leave in place a number of conditions that could see him return to the table, including if a firm offer was made for the company and if Eddie Stobart board agreed to an approach.

in-Cumbria had understood Mr Tinkler’s interest had cooled in a company, with his former business partner and brother-in-law, William Stobart, key to the DBAY offer.

DBAY intend to parachute William Stobart – the fourth child of Eddie Stobart, who founded the company in the 1940s – into a top role to boost the company’s financial performance over the busy festive period, should investors accept its proposal.

On Monday, DBAY found itself in pole position to take control after Wincanton said it would not be pursuing its own bid for Eddie Stobart.

Wincanton said it was ending its interest because Eddie Stobart bosses had failed to provide “critical” financial information, along with an auditor’s review into a £2m accounting error which saw shares in Eddie Stobart, which trades on the junior AIM stock exchange, suspended at 70p.

And it said that revelations in a recent trading update, in which the company warned losses for the first half of 2019 could be higher than £12m, meant that it would not be acting in the interest of its own shareholders by pursuing an offer.

Meanwhile, the Unite union said that Eddie Stobart workers had now become “piggy in the middle” in the battle for control of the company, which is headquartered in Warrington and has a depot at Lillyhall, West Cumbria.

The union – which represents around 1,000 members employed in driving and warehouse roles – has claimed the company has ignored requests for meetings to seek assurances over jobs.

Unite’s national officer Adrian Jones, said: “With all the uncertainty at Eddie Stobart at the moment we are very concerned about the workforces’ jobs.

“Unite is currently contacting major clients to out what contingencies are in place.”

Eddie Stobart customers include Tesco, Pepsi Co, Nestle, Cooperative, Argos, Coca Cola, Crown Cork & Seal, SCA, Unilever, Britvic, AG Barr, Dobbies, BSW Timber, Amazon, Johnson & Johnson and Heineken.