Parcel delivery firm Yodel has reportedly been saved from entering administration through a deal lead by the founder of Shift, a rival operator.

The company allegedly only had funds to continue operating for less than two weeks before the buyout deal for an undisclosed sum.

A statement posted on the company’s website on Tuesday 13 February read: “We’re pleased to announce that Yodel has been acquired by YDLGP Limited, a newly formed company, for an undisclosed amount.

“YDLGP is backed by a consortium of investors including Solano Partners Ltd, an independent boutique investment bank who also advised on the acquisition, as well as the leadership team behind Shift, the rapidly growing UK-based logistics platform, including its founder, Jacob Corlett.”

Yodel had previously said it is in its “final stages” of talks over options for the company amid concern for its future, with “several interested parties wishing to complete a purchase”.

Yodel parcels are understood to account for a significant proportion of Collect+’s commission paid to stores, accounting for part of partnered retailers’ footfall and commission. The number of Yodel customers visiting PayPoint stores for parcel services doubled in 2023, and a new partnership with PayPoint was expected to lead to further increases in 2024.

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