Thousands of jobs saved in dramatic swoop for logistics group Yodel
UK parcel delivery group, Yodel, based in Liverpool, has been rescued in a takeover deal by a privately funded consortium, protecting thousands of jobs.
Yodel is owned by the Barclay family, which also controls online retail group Very, also based in the south Liverpool district of Speke.
According to a report by Sky News, a newly formed company called YDLGP, backed by Jacob Corlett, founder of international parcel delivery group Shift, and merchant bank Solano Partners, has concluded a deal to buy Yodel this morning (February 13), for an undisclosed sum.
It means Yodel has averted appointing administrators, as had seemed likely.
Yodel delivers parcels for customers including the food delivery service Gousto, Argos, Vinted and Very Group, from around 50 depots throughout the UK. The Barclay family had been keen to find a buyer for Yodel in recent weeks.
In a statement issued to Sky, Mike Hancox, Yodel CEO, 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.”
Jacob Corlett said: “I am incredibly proud of what we have built at Shift in the last few years, rapidly scaling our tech-logistics platform, and M&A has been a big part of that success.
“At the heart of this merger is Shift’s revolutionary AI-driven technology platform, promising a future where efficiency and automation become the backbone of logistics operations.”
Yodel makes more than 190 million deliveries annually from its 50 sites across the UK. Last year, it generated £561.8m in revenue, adding clients including eBay and Boden.
In September last year Yodel announced that it was creating more than 2,000 seasonal roles in a mix of functions as it prepared for what was expected to be a busy peak season for the industry.
