Yodel saved from collapse in last-ditch rescue deal

The struggling parcel courier Yodel has been saved from collapse in a last-minute rescue deal that will see it join forces with rival operator Shift. YDLGP, a new company formed by Shift executives and the merchant bank Solano Partners, stepped in to buy Yodel for an undisclosed sum in the early hours of Tuesday. Under the shake-up, YDLGP has also agreed terms to buy Shift, a tech-focused logistics company founded by entrepreneur Jacob Corlett in 2017. Mr Corlett added: “At the heart of this merger is Shift’s revolutionary artificial intelligence-driven technology platform, promising a future where efficiency and automation become the backbone of logistics operations.” Mike Hancox, chief executive of Yodel, said: “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.” Yodel had been controlled by the Barclay family, the owners of the Telegraph, since 2010.