Thousands have jobs have been secured after Yodel, one of the UK’s biggest parcel delivery firms, was saved from potential administration.
Yodel, which employs around 10,000 people and delivers parcels for the likes of Argos, New Look and Very, has been acquired by YDLGP, a newly-formed company backed by a consortium of investors including boutique investment bank Solano Partners and the leadership team at logistics platform Shift. The value of the deal has not been disclosed.
Reports last week suggested that Yodel’s former owners, the billionaire Barclay brothers, had been seeking a buyer for the parcel carrier. It was reported that the firm would have had to call in administrators if a buyer had not been found.
In a statement, Yodel said the acquisition “safeguards thousands of UK jobs, providing surety for drivers, suppliers and customers alike”.
Yodel CEO Mike Hancox 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.”
Last year, logistics platform Shift bought the brand and assets of Tuffnells Parcels Express, which went into administration in June 2023.
Jon Edirmanasinghe, founding partner of Solano, said: “We believe there is a fantastic opportunity to harness the strong brand and scale of Yodel in the UK and take further market share with the support of fresh capital and the innovative technology provided by the Shift team. We’ve seen the Shift team successfully acquire and relaunch the Tuffnells business and believe that forming the enlarged group to house all three creates a disruptive logistics powerhouse.”
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