Yodel addresses sale talk as potential buyer emerges
Delivery group Yodel has addressed reports that its owners have accelerated their plans to find a buyer.
According to a report from Sky News the Barclay family, who recently took back ownership of The Daily Telegraph, have stepped up efforts to dispose of the Liverpool-headquartered company.
Citing industry sources, Cheshire-based The Delivery Group is among the parties who have expressed an interest in Yodel.
In response to the report, Yodel said that it is “currently exploring strategic development options” and that “any decisions taken will be made in the best interest of our clients, colleagues and key stakeholders”
It was reported in July 2023 that the Barclay family had received “a number of unsolicited approaches” for Yodel.
At the time, the company hired Clearwater International to undertake a “full strategic review” of the business. It added that the process “may take some time.”
‘Wholly committed’
A Yodel spokesperson said: “Yodel is currently exploring strategic development options following a number of approaches and the appointment last summer of Clearwater International as advisors.
“The business continues to perform strongly and handled 191m parcels last year with revenues up 3.4 per cent over the 12 months ending December 2023.
“The Christmas peak season achieved record service levels, and we have seen parcel volumes through our Out of Home network more than double with the significant rise in demand for customer-to-customer services.
“Any decisions taken will be made in the best interest of our clients, colleagues, and key stakeholders. Yodel’s executive team remains wholly committed to the sustained growth of the business.”
Yodel is part of the Barclay-owned Logistics Group Holdings which reported a pre-tax profit of £17.6m for the year to June 30, 2021, its most recently published financial accounts.
That total was a rise from the £41.8m loss it reported for the prior year. Its revenue also surged from £520.6m to £676m over the same period.
The accounts for Yodel and Logistics Group Holdings for June 30, 2022, were due to be filed with Companies House by the end of 2023 but are now more than one month overdue.
Also in the Merseyside area, the Barclay family separately own online retailer Very Group.
The Delivery Group’s accounts for the year to April 28, 2023, have been filed with Companies House and are expected to be made public in the coming days.
For its previous financial year, the group’s revenue stood at £181.5m and its pre-tax profits were £3.2m.
The group, which was formally called Secured Express, is backed by private equity firm Next Wave Partners and secured larger banking facilities at the end of 2023 to support its growth.