Andrew Tinkler’s company has pulled out of the race to buy Eddie Stobart – for now.

In a statement to the London Stock Exchange, the logistics company said TVFB (3) Limited, which is controlled by the Cumbrian tycoon, had confirmed it had no intention of making and offer.

TVFB had been given a “put up or shut up” (PUSU) deadline 5pm on Wednesday (October 16) to make a move.

But instead it has made a “No Intention to Bid Statement” under Rule 2.8 of the Takeover Code.

Former Stobart Group chief executive Mr Tinkler confirmed his interest in Eddie Stobart last month, 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”.

And he may yet return for Eddie Stobart after reserving the right to set aside “No Intention to Bid Statement” restrictions under a number of circumstances.

They include if the Eddie Stobart board agrees to an approach, if it announces a “whitewash” proposal or reverse takeover, if there is a material change in circumstances, or if TVFB rivals, DBAY Advisors Limited, announces a firm offer for the company.

Isle of Man-based DBAY Advisors made a “preliminary expression of interest” in the road haulage business in early September.

And, in the same statement to the LSE, Eddie Stobart said it had extended the PUSU deadline for a third time, with DBAY Advisors now having until 5pm on October 28 to signal its intention after approval from the Panel on Takeovers and Mergers.

“Discussions with DBAY regarding a possible offer for the Company remain ongoing,” it added.

“There can be no certainty either that an offer will be made by DBAY nor as to the terms of any offer, if made. A further announcement will be made when appropriate.”

DBAY Advisors already have a 10 per cent stake in the road haulage business.

It has been involved with Eddie Stobart for several years, including its flotation in 2017 in which Carlisle-headquartered Stobart Group – which owns Carlisle Lake District Airport – reduced its stake in the haulage firm.

Any deal would need to be voted through by Eddie Stobart shareholders.

In August shares in Eddie Stobart were suspended at 70p after the company, which trades on the junior AIM stock exchange, revealed that bosses had found a £2 million accounting error.

A month later the company warned it annual profits are set to be “significantly below” expectations after a poor first half of the year due to a combination of an “adverse performance” and ambitious budget, as well as delays to a major project.

The Eddie Stobart brand is synonymous with the county, and still has a depot at Lillyhall, near Workington despite being headquartered in Warrington.

The company was started by Eddie Stobart in Cumbria in the 1940s and was spun out of Stobart Group in 2014.

Stobart Group’s stake now stands at 11.8 per cent and it continues to receive royalties from Eddie Stobart Logistics to use the Stobart name.