The collapse of Yodel has been averted following an overnight rescue deal from the Shift founder.
YDLGP, a newly formed business backed by Shift executives and Solano Partners agreed on a deal this morning to purchase the delivery group, according to Sky News.
The agreement was struck on a solvent basis and without the logistics company appointing administrators, which had seemed increasingly likely during recent days, insiders said.
The deal, which is likely to protect thousands of jobs, will be announced later today.
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Last week, Yodel revealed it had put administrators on standby as hopes of a rescue deal faded.
The delivery company had lined up insolvency experts at Teneo after failing to find a buyer in time.
Commenting on the rescue deal, Yodel CEO Mike Hancox 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.”