Yodel could be up for sale after its owners, the Barclay family, appointed Clearwater International to oversee talks with potential bidders, following a number of expressions of interest.
Yodel this week confirmed the company has received a number of “unsolicited approaches” which are being reviewed by corporate finance advisory service Clearwater International, but added the process could “take some time.”
The Barclay family is currently suffering financial problems which recently saw Lloyds Banking Group -which is owed around £1bn by the family – seize control of its Telegraph newspapers and The Spectator magazine by forcing them into receivership.
Yodel is part of Logistics Group Holdings (LGH), which is also the holding company for ArrowXL, a delivery and installation service. A Yodel spokesman told MT that Arrow XL is not a target of the unsolicited approaches.
In its latest annual results to 30 June 2021, LGH reported a significant rebound in its fortunes, thanks largely to the boost the pandemic lockdowns gave to the home delivey sector.
The group reported a pre-tax profit of £17.6m, up from a loss of £41.8m in the previous year. Yodel’s EBITDA also rose in the period to £65.7m (2020: £9.5m), whilst ArrowXL saw its EBITDA rise to £13.3m (2020: £8.7m).
A Yodel spokesperson said: “Growing businesses are often approached about their strategic direction and ownership. In recent weeks Yodel has received a number of unsolicited approaches and has now appointed Clearwater International to lead a full strategic review on behalf of Yodel shareholders. This process may take some time. For now, Yodel remains focused on its growth journey.”
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