Yodel intends to increase its scale with a focus on smaller parcel deliveries after new owner Judge Logistics acquired the business last summer.
The company said it had secured financial support from a consortium of strategic partners, which would support its transformation plans and it was relying on its senior management team to deliver those plans.
Judge Logistics is headed up by Mike Hancox, who was Yodel’s chief executive at the time it was snapped up by consortium YDLGP in a rescue deal finalised in February last year.
The consortium included entrepreneur Jacob Corlett, founder of Shift, the tech-based delivery firm which also bought Tuffnells in 2023.
However, Yodel was sold on to Judge Logistics in June 2024 when the relationship between Corlett and Hancox soured and both men are now preparing to face each other in court over a host of allegations made about various business decisions that were taken.
In a strategic report accompanying its most recent financial results, Yodel said: “Under Judge’s ownership, the company plans to increase its scale with a particular focus upon delivering smaller parcels using cost effective driver solutions and making use of its established out of home capabilities.
“It has secured an appropriate package of financial support from a consortium of strategic partners to support its transformation plans and will use the skills of its existing senior management team to deliver those plans.”
For the year ending 31 December 2023, the company reported revenues of £556m, compared to £809m in the 18 months ending 31 December 2022.
It made a pre-tax loss of £48m.
Yodel blamed inflationary pressures in the UK during the period and the impact on consumer spending.
However, it added: “The UK home delivery market continues to be buoyant driven by the medium- to long-term shift in consumer demand to online shopping.”
A Yodel spokesman said: “Yodel is aware of a number of groundless claims about our business being made by a former director which we refute in their entirety.
“This director’s involvement in our business was short-lived and is now the subject of significant legal proceedings instigated by Yodel.
“Last summer, Yodel went on to conclude a new ownership structure under long-standing chief executive Mike Hancox which saw the business backed by a consortium of investors.
“The Yodel business continues to trade strongly in its B2B and B2C markets,” he added.
