Yodel has been bought in a last minute consortium rescue deal by courier firm Shift after reports suggested last week that the parcel delivery giant was facing administration.
Yodel was acquired a consortium, YDLGP and the founder of Shift Jacob Corletts and Solano Partners who are an investment bank.
Yodel’s clients include Wren Kitchens, Argos, Vinted and Very.com had revenues in the previous financial year of £561.8 million.
Mike Hancox, chief executive officer 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.”
Jacob Corlett, chief executive officer 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 M&A (mergers and acquisition) 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.”
Jon Edirmanasinghe, founding partner of Solano: “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.”