Polish parcel delivery firm and locker provider InPost has acquired a 30% stake in Menzies Distribution Group, with the option to take full ownership at a later stage in deal worth just under £50m.

The transaction sees InPost given the option to acquire the remaining stake over the next three years. InPost will also have two non-executive seats on the board of Menzies.

The deal follows an agreement between the two companies earlier this year which saw Menzies become InPost’s logistics provider in the UK.

Menzies has a national network of more than 100 depots and delivers to more than 47,000 locations every day. It has 5,000 staff and a fleet of more than 3,200 vehicles. Its network will allow InPost to expand rapidly in the UK.

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Greg Michael, chief executive of Menzies Distribution, said: “We are proud to partner with InPost and are excited about the opportunities this will create for our clients, our business, and our people.

"InPost and Menzies are uniquely positioned to deliver fast, sustainable delivery and returns in the UK benefiting consumers, retailers, suppliers, and our colleagues. We look forward to the future and supporting InPost’s next phase of growth in the UK.”

Michael Rouse, InPost International chief executive, said: “This relationship marks an important next step in InPost’s journey as we look to strengthen our position as the UK’s leading out-of-home delivery provider.

"Menzies has one of the largest time-critical delivery networks in the UK and we are excited by how the collaboration will enable us to accelerate our growth and the service we can offer our customers.”