Courier firm Yodel snapped up by rival operator Shift in last-minute rescue deal

Rescue: Yodel was snapped up by YDLGP, a new group including Shift founder Jacob Corlett and investment bank Solano Partners

Yodel has been bought in a last-minute rescue by a consortium led by rival operator Shift.

The parcel delivery giant, which was owned by the Barclay family, was snapped up by YDLGP, a new group which includes Jacob Corlett, the founder of Shift, and investment bank Solano Partners.

The deal, which came as Yodel lined up potential administrators in case a takeover could not be agreed, will safeguard the future of ‘thousands of UK jobs’ at Yodel, the buyers said.

The Shift-led consortium has been in discussions with Yodel over a potential deal since last summer.

Yodel posted revenues of £561.8million in the previous financial year.

YDLGP will also take complete control of Shift as part of the process.

Yodel boss Mike Hancox said: ‘We’re extremely excited to begin the next chapter of Yodel’s journey.’

Corlett added: ‘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.’