Parcel delivery company Yodel has been sold in a deal by a consortium led by its rival operator, Shift.
Yodel, one of the UK’s biggest parcel delivery groups and formerly owned by the Barclay family, secured the deal amid reports that potential administrators were being lined up in case a takeover could not be agreed upon.
It’s reported that a newly formed company called YDLGP, which is backed by delivery company Shift and Solano Partners, an independent investment bank, acquired Yodel. Shift, founded by Jacob Corlett, also took over the brand, Tuffnells, a logistics provider, last year after it collapsed into administration.
In addition to the Yodel deal, the new company YDLGP will also acquire Shift, bringing Yodel and Tuffnells under the same business umbrella. In a statement, YDLGP said the move would create a ‘super-scale’ delivery business.
Jacob Corlett, CEO of Shift, said: “I am incredibly proud of what we have built at Shift in the last few years, rapidly scaling our tech-logistics platform, and mergers and acquisitions has been a big part of that success.
“At the heart of this merger is Shift’s revolutionary [artificial intelligence]-driven technology platform, promising a future where efficiency and automation become the backbone of logistics operations.”
The new buyers of Yodel said the sale would also safeguard the future of ‘thousands of UK jobs’. Yodel employs more than 10,000 people across the UK at 50 sites and reported sales of £561.8m last year. Yodel delivers more than 190 million parcels a year for companies including Boden, Zalando, Wren Kitchens, Gousto, Vinted, Whistl, and Argos – as well as its former sister company, very.co.uk.
Mike Hancox, CEO of Yodel, said: “We’re extremely excited to begin the next chapter of Yodel’s journey, leveraging the scale of our business with the support of new shareholders and the future benefits of the Shift technology platform.
“Our customers have always been our priority, and the transaction announced today allows us to ensure continuity for them, as well as our employees and wider stakeholders.”
