Innovate was placed in administration by its Ice­landic parent com­pany, Eimskip, on Monday, having been put up for sale last month.

Stobart declined to reveal how much it would pay administrator BDO Stoy Hayward but said the business was expec­ted to generate an annual turnover of £100mil­lion.

The acquisition will lift Stobart’s workforce to more than 5,300, while 280 trucks and 350 trailers on a six-months lease from BDO will increase its fleet to 1,800 trucks and 3,200 trailers.

Stobart chief Andrew Tinkler said: “This is a low-risk way of increasing our presence in the chilled market, giving our customers more choice and flexibility. It is entirely in line with our strategy of building the group.”

Innovate’s frozen food distribution arm was bought by the privately-owned Harry Yearsley group, safeguarding a further 550 jobs.