Yodel saved from collapse by fast-growing rival

Parcel delivery firm Yodel has been saved from collapse in a last-minute rescue deal led by one of its rivals. The business has been taken on by YDLGP, a newly-formed company backed by investment bank Solano Partners and the team behind logistics firm Shift. Yodel makes about 190 million deliveries a year and it is thought the deal will safeguard thousands of jobs. The consortium behind the rescue deal includes the founder and leadership team behind Yodel's rapidly-growing rival Shift. The hope is that once the deal is through, a new "Super scale" logistics platform will have been created, Yodel said in a statement on Tuesday.

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