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British haulage firm Eddie Stobart is driving towards a listing on the London Stock Exchange (LSE) after announcing plans to merge with a property and logistics group.

In a statement today the Carlisle-based company confirmed that it is to merge with the Westbury Property Fund, as part of a reverse takeover.

Under the complex deal, which analysts say is a way for large unlisted firms to achieve a stock market listing at relatively little cost, Stobart has agreed to be bought by Westbury for £138 million. Meanwhile Stobart is to buy Westbury's property portfolio for £142 million.

The merged group created by the transaction is to be known as the Stobart Group Limited and will have net assets worth over £250 million, Stobart revealed.

News of the proposed merger marks a milestone in the history of the trucking company, which has become a cult feature on British roads since it was founded in 1970. The firm claims to have a "large and loyal fan base" who compete for the most sightings of the distinctive Stobart trucks, which each carry a unique female name.

Stobart, which has 27 operating sites across the UK, claims that "huge commercial and environmental benefits" will come from combing the road, rail and port activities as part of its deal with Westbury.

Westbury, which already has a share listing, currently has a port development site in Runcorn, Cheshire, along with a rail freight operating business and rail terminal in Widnes.

Stobart, which has a fleet of more than 1,500 trailers alongside its own rail business, has confirmed that the newly-merged group now plans to develop over one million square feet of additional warehouse space in the north-west town. The company claims that the move could create more than 1,000 new jobs.

Commenting on the planned deal, Stobart's managing director, William Stobart, said: "We believe the future of industrial logistics is about the integration of all modes – linking roads with rail, ports and waterways and, in time, air freight.

"We believe the merger of our company with one that has a complementary strategy to ours, a strong balance sheet and an experienced board, will enable us to invest and grow to benefit our customers, shareholders and staff," added Mr Stobart, whose father founded the trucking company.