Parcel delivery group Yodel, which was previously owned by the Barclay family, will announce an £85m funding package this week to secure its future.
The new financing, provided by London-listed company Paypoint and specialist lender Independent Growth Finance, is expected to be announced on Thursday afternoon. This comes after Yodel was on the brink of collapse earlier this year.
Yodel’s deal to be acquired by a newly formed company called YDLGP in February has been shrouded in mystery for months. However, a spokesman for the company confirmed that after a strategic review, Yodel will now operate as a standalone entity.
Yodel has engaged Interpath Advisory, a restructuring specialist, in recent weeks as it sought to raise new financing.
In a statement, Yodel’s chief executive, Mike Hancox, expressed his gratitude to colleagues and clients for their support during the change of ownership. He stated, “I am delighted that we have secured a funding package that gives Yodel financial security into the future and the ability to continue investing in the long-term success of the business.”
Mr. Hancox himself is a shareholder in Yodel.
Paypoint, which has a partnership with Yodel through its Collect Plus division, injected £10m into the company in June. Yodel’s clients include food delivery service Gousto, Argos, Vinted, and Very Group, the online shopping company owned by the Barclay family. The company makes over 190m deliveries annually from its sites across the UK and generated £561.8m in revenue last year.
The sale of Yodel earlier this year was part of the Barclay family’s efforts to restructure its assets, as its main lender sought a buyer for the Telegraph newspapers and Spectator magazine. In related news, Sky News reported on Thursday that Sir Paul Marshall, the hedge fund tycoon, is nearing a deal to buy The Spectator.
