Businessman Under Fire for Leaving Trail of Debts
Jacob Corlett, the entrepreneur behind the failed rescue deal for parcel courier Yodel, is facing criticism for leaving behind a staggering £8 million in unpaid debts to over 100 creditors, including £2.2 million owed to HMRC.
A Web of Unpaid Debts
Company filings reveal that Shift Trading, a delivery business where Corlett serves as a director, collapsed in July last year, leaving a trail of unpaid debts to smaller logistics companies across the UK. One supplier claims to be owed tens of thousands of pounds, stating that the missing payments have had a “devastating impact” on their business.
Broken Promises
It is alleged that Shift Trading held video calls with suppliers last year, promising to make payments in full. However, these promises were never fulfilled. The Telegraph understands that a large group of creditors have now banded together to explore ways of retrieving their cash.
Questions Over Yodel Takeover
The collapse of Shift Trading raises questions about the Barclay family’s decision to sell Yodel to Corlett for £1. The deal was completed just months before his Shift Trading business collapsed. Corlett was hailed as a “white knight” for saving thousands of jobs at the Liverpool-based business, but the deal quickly fell apart.
Legal Battle Ensues
Corlett resigned from Yodel’s board in June 2024 and sold his stake to chief executive Mike Hancox. A bitter legal battle has since ensued, with Yodel accusing Corlett of extracting millions of pounds from the business under the cover of “spurious invoices”. Corlett has rejected the claims and instead accused Hancox of forcing him into selling his stake.
A Complex Web of Allegations
Corlett has sought to blame Shift’s financial struggles on Yodel’s decision to cancel all existing contracts with the business. He has also claimed to be the victim of a “smear campaign”. Despite the collapse of his Shift Trading company, Corlett’s other Shift-branded businesses are still trading.
A Fight for Control
Corlett is now attempting to regain majority control of Yodel with the help of his investors, including the Duke of Norfolk and Lord Nash. However, the entrepreneur’s reputation remains tarnished by the trail of unpaid debts and allegations of financial mismanagement.
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