A British parcel entrepreneur cast paperwork as a part of a failed try to seize management of Yodel, in keeping with a damning Excessive Court docket judgment that brings contemporary readability to some of the chaotic company battles within the UK logistics sector.
Mr Justice Fancourt dominated that Jacob Corlett conspired along with his mom, Tamara Gregory, to falsify share warrant paperwork in an effort to overturn Yodel’s sale to Polish courier group InPost. The decide mentioned the signatures on the disputed paperwork had been “suspicious”, bore “many indicators of forgery” and had been “in all probability cast”, primarily based on skilled handwriting proof.
In a strongly worded ruling revealed on Friday, the decide concluded that each Mr Corlett and his mom had lied to the courtroom about how the paperwork had been produced. He described Mr Corlett as “a most unsatisfactory witness” and mentioned the proof pointed decisively to fabrication.
The judgment is a major victory for InPost, which agreed a £106m deal to accumulate Yodel earlier this yr, following months of uncertainty over the corporate’s possession and monetary stability. Mr Corlett had sought to derail the takeover by claiming he held warrant devices entitling him to buy greater than 60 per cent of Yodel’s shares, successfully restoring him as majority proprietor.
The Excessive Court docket rejected that argument, ruling the warrants invalid as a result of they had been cast. Because of this, Mr Corlett’s try to reclaim management of the enterprise has collapsed.
Michael Rouse, chief govt of InPost Worldwide, mentioned the ruling was an “extraordinary judgment” that absolutely vindicated InPost’s place. He accused Mr Corlett of going to excessive lengths to extract cash from Yodel and mentioned the choice protected the integrity of the corporate and its shareholders. InPost is now contemplating additional authorized motion in mild of the courtroom’s findings.
The ruling addresses just one strand of a wider authorized saga. Mr Corlett can also be accused of siphoning off thousands and thousands of kilos from Yodel throughout a short interval of possession final yr, allegations he strongly denies. These claims, together with accusations of asset stripping and the diversion of funds to corporations linked to him and his mom, are as a consequence of be examined in a separate Excessive Court docket trial subsequent yr.
Yodel, which employs round 10,000 individuals, was beforehand owned by the Barclay household and was offered for £1 to Mr Corlett in 2024 in a last-ditch effort to keep away from insolvency. On the time, the 31-year-old entrepreneur was portrayed as a white knight who would stabilise the Liverpool-based parcel agency and merge it along with his start-up, Shift Group.
Nevertheless, relations shortly deteriorated after Yodel’s lenders and advisers alleged that firm funds had been misappropriated, together with funds totalling greater than £4m made to companies linked to Mr Corlett. Court docket filings additionally allege that funds had been routed offshore to an Isle of Man firm owned by his mom.
Mr Corlett has denied any wrongdoing and says he was unaware of the funds. A spokesperson for him mentioned he was upset by the result of the ruling and that his authorized staff is reviewing the judgment as he considers subsequent steps.
For Yodel and InPost, the choice removes a serious cloud hanging over the enterprise and clears the way in which for the Polish group to press forward with its plans for the UK supply agency, following a interval of turmoil that threatened its very survival.
