BRITAIN'S best-known lorry firm Eddie Stobart has announced it is to be sold to a real estate business.

The move means that Edward Stobart, the chairman and chief executive of Eddie Stobart, will step down.

WA Developments (International) has acquired the company.

The firm, an international real estate business linked to the rail infrastructure company of the same name, is based in Appleby, Cumbria.

It is part-owned by Mr Stobart's younger brother, William.

A statement issued by Eddie Stobart yesterday said: "It is proposed that WA Developments will acquire the shareholdings, and formally take over Eddie Stobart Group from November 1.

"Following the sale, Edward Stobart plans to retire as chairman and chief executive but will be available to assist, where his knowledge and experience is required."

Mr Stobart, 48, founded the business in 1970 as an offshoot of his father's - also called Eddie - agricultural contracting business.

He built the business from scratch to become Britain's biggest privately-owned road haulier.

It now has 1,000 lorries, depots throughout Britain, including Lillyhall near Workington, Cumbria, and in Belgium, and has even spawned a fan club.

The Sunday Times rich list puts the wealth of the Stobart brothers at £60m.

William Stobart used to be Stobart's operations director but left the business and bought an interest in WA Developments.

The company announced this summer that its administrative centre was moving from Carlisle to Haydock, on Merseyside.

WA Developments managing director Andrew Tinker said: "As far as we are concerned, it will be business as usual for Eddie Stobart and its current employees.

"We have taken over the management of the company and are looking forward to a bright future for Eddie Stobart."

More than 20,000 people world-wide are members of the Eddie Stobart fan club.

The company, also famous for its smartly-dressed, tie-wearing lorry drivers, has more than 2,000 employees and an annual turnover of about £150m.