The failed yodel boss has hit out after leaving a ‘devastating’ £8m debt trail
The entrepreneur behind a botched rescue deal for parcel courier Yodel has been criticized for leaving millions of pounds in debt.
Jacob Corlette His other shipping businesses, which were sued by workers and suppliers, left Shift Trading in the lurch.
Company documents list Mr Corlett as a director and in July last year Shift Trading owed more than £8m to more than 100 creditors, including £2.2m to HMRC.
Others include smaller logistics companies in the UK, some of which owe more than £130,000.
One supplier, who claims to be owed tens of thousands of pounds by Shift, says the missed payments have had a “devastating impact” on their business.
Lenders are understood to be furious after Shift held video calls with suppliers last year and promised to make full payments.
At the time, the shift chiefs had made the request. Yodel A takeover would free up money and create more work, although this may never materialize.
The Telegraph understands that many lenders have banded together to explore ways to get their money back.
In the year The revelations will increase pressure on Mr Corlett as questions grow over alleged malpractice at Yodel, which collapsed five months later in June 2024.
About the failure of Shift Trading The Barclay familyInitial decision to sell Yodel to Mr Corlett for £1. The deal was completed a few months before the collapse of the shift trading business.
Mr Corlett was a relative unknown at the time of the transaction, but has been hailed as a “white knight” for saving thousands of jobs at the Liverpool-based business.
Yodel, which was pushed to the brink of bankruptcy by HSBC after being pressured by its creditors, sold the business at a reduced price.
However, the deal quickly fell apart. Mr Corlett will step down from the Yodel board in June 2024 and sell his stake to chief executive Mike Hancox.
The corruption scandal has since sparked a bitter legal battle between Mr Corlett and Yodel, with the entrepreneur accused of siphoning millions of pounds out of the business under the guise of “false invoices”.
Yodel, now owned by Mr Hancox, said the entrepreneur tried to evade tax by transferring money to an offshore company that listed Mr Corlett and his mother as directors.
Mr Corlett denied the claims and instead accused Mr Hancox of forcing him to sell his shares. Mr Hancox has launched a counter-suit, claiming he reneged on an agreement to hand over the lucrative shares.
