The founder of Xpediator, a London-listed logistics company, is hatching a plan to take it private.

Sky News understands that Stephen Blyth, who stepped down as Xpediator's chief executive in 2020, has assembled financial backing for a takeover offer.

The identity of Mr Blyth's backers and the price at which a bid would be pitched were unclear on Monday.

Xpediator's shares have slumped by a quarter during the last 12 months, leaving the AIM-listed group with a market capitalisation of just £43m.

An offer is likely to be made at a significant premium to that level, one market source said.

Xpediator is a freight management specialist whose operations include a fashion retail logistics arm.

It has been buffeted by turbulence in its boardroom as well as the economy, and currently has both an interim chair and an interim chief executive.

Mr Blyth resigned as deputy chairman of Xpediator in March, and is said to have been planning an offer for some time.

The company was founded in 1988, employs about 1200 people and floated on London's junior AIM market in 2017.

An Xpediator spokesman declined to comment.