Jacob Corlett has agreed terms to acquire Yodel on a solvent basis for an undisclosed sum. This means that Yodel has been able to avoid administration.
Corlett who operates an international parcel delivery group called Shift, has formed a new company, YDLGP, for the transaction which is backed by Solano Partners, a merchant bank. Corlett acquired Tuffnells last year and is looking to develop a significant logistics services business group. YDLGP will also acquire Shift – a business founded by Corlett which has developed an AI-based tech delivery solution understood to bring major efficiency benefits to its operations.
Yodel CEO Mike Hancox said in a statement to Sky: “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.”
Yodel makes c.190m deliveries a year with a client base which includes Argos, Boden, Gousto, eBay (via its seller services), and, of course, hitherto stablemate Very, which was formed from Littlewoods Home Shopping, which in turn had founded Yodel.
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