One of Britain's biggest parcel delivery services has been saved in its eleventh hour.
Insiders had suggested that Yodel was about to call in administrators, however a rescue deal led by the founder of Shift, a rival operator, has averted danger.
The deal is expected to safeguard thousands of jobs at the firm, who delivers parcels for Argos, Gousto and Vinted, among others.
The newly-formed company, YDLGP, is also acquiring Shift to form one British delivery powerhouse.
In a statement issued to Sky News, Mike Hancox, CEO of Yodel, said: "We're extremely excited to begin the next chapter of Yodel's journey, leveraging the scale of our business with the support of new shareholders and the future benefits of the Shift technology platform.
"Our customers have always been our priority and the transaction announced today allows us to ensure continuity for them, as well as our employees and wider stakeholders."
Mr Corlett said: "I am incredibly proud of what we have built at Shift in the last few years, rapidly scaling our tech-logistics platform, and M&A has been a big part of that success.
"At the heart of this merger is Shift's revolutionary AI-driven technology platform, promising a future where efficiency and automation become the backbone of logistics operations."
The UK's flagship share index, the FTSE 100, was down 11-points at 7,562 shortly after opening this morning.
Brent crude oil futures was up 0.37% today, trading at $82.30 a barrel.
Companies reporting today
- Coca-Cola - Q4 Results
- TUI - Q1 Results