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Yodel scrambles to find buyer before it’s forced into administration

Yodel scrambles to find buyer before it's forced into administration
Yodel scrambles to find buyer before it's forced into administration

There are widespread media reports that the UK parcel delivery company Yodel is under pressure and urgently searching for a buyer. Time is running out before it is “forced into administration.”

Sky News, BBC, and The Telegraph suggest that the company, part of a Barclay-owned entity called Logistics Group Holdings (LGH), is battling to keep the books afloat. 

However, amid the surfaced news, the company painted a positive picture of itself on its social media accounts. “Following a fantastic peak [in] 2023, where we achieved record volumes through our network, it was great to see the energy and enthusiasm from our wonderful speakers who laid out their plans for business growth over the next 12 months.”

Parcel and Postal Technology reports that insolvency specialist Teneo is waiting to take over the reins if there is no buyer interest.

Strategic development options

Yodel reportedly told BBC that “strategic development options” are on the table for now. However, it stops short of specific details about what could happen. It quotes Yodel: “Any decisions taken will be made in the best interest of our clients, colleagues, and key stakeholders.”

Catherine Shuttleworth, the retail analyst, told the BBC that the industry is experiencing a “cut-throat” period with extensive competition.

It’s understood that Yodel is talking with ‘interested parties’ to find ‘strategic options’ for the group. A spokesperson for Yodel has confirmed this to This is Money. The talks are already in its ‘final stages.’

Late payments of accounts 

LGH accounts are not current and are one month late, Sky News reports. Owned by Barclay, it is unclear how the latest deal between the firm and RedBird IMI to take over the Telegraph newspaper affects Yodel. 

That deal is now under investigation by the government. 

When taking the latest financial performance, released last month, CEO Mike Hancox says it has “successfully navigated the challenges” while “re-shaping our business to perform strongly in growing categories.”

Hancox says this year, they will be focusing on “consolidating on our recent investments in technology and to grow our Out of Home network.” 

Yodel appointing new top leaders

Just this week, Yodel announced two new senior appointments in the company. Mark O’Sullivan is now the COO, while Lara Piggott is the latest planning director. 

Yodel says it’s focusing on “further investment in its people and technology” in the coming year. This after a year of “successfully navigating the challenges of rising labor costs and high inflation in 2023.”

Last year, Yodel invested $17 million in its fleet. It included new tractor units and 120 double-decker trailers, to increase its capacity due to the “growing demand.”

NOW READ: Godfreys Group collapses into administration after 93 years

About the author

Mia is a multi-award-winning journalist. She has more than 14 years of experience in mainstream media. She's covered many historic moments that happened in Africa and internationally. She has a strong focus on human interest stories, to bring her readers and viewers closer to the topics at hand.

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