Yodel rescued by Shift-led consortium - report

(Sharecast News) - The collapse of parcel delivery group Yodel has reportedly been averted after an overnight rescue deal led by the founder of rival operator Shift. According to Sky News, a newly-formed company called YDLGP, which is backed by Shift executives and Solano Partners, a merchant bank, struck a deal early on Tuesday morning to buy Yodel.

Insiders told Sky the deal was struck on a solvent basis and without Yodel calling in administrators, as had looked increasingly likely in recent days.

Sky said the deal - which is likely to safeguard thousands of jobs - will be announced later on Tuesday.

Yodel delivers parcels for customers including the food delivery service Gousto, Argos, Vinted and Very Group, the online shopping company owned by the Barclay family - which also owned Yodel.