Rescue: Yodel was acquired by YDLGP, a new group that includes Shift founder Jacob Corlett and investment bank Solano Partners.
Yodel was bought in a last-minute rescue by a consortium led by rival operator Shift.
The parcel delivery giant, owned by the Barclay family, was acquired by YDLGP, a new group that includes Jacob Corlett, founder of Shift, and investment bank Solano Partners.
The deal, which came as Yodel searched for 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 talks with Yodel about a potential deal since last summer.
Yodel posted revenue of £561.8m in the previous financial year.
YDLGP will also take full control of Shift as part of the process.
Yodel boss Mike Hancox said: “We are very excited to begin the next chapter of Yodel’s journey.”
Corlett added: “At the heart of this merger is Shift’s revolutionary AI-powered technology platform, which promises a future where efficiency and automation will become the backbone of logistics operations.”