InPost’s £106m acquisition of Yodel has been paused after a High Court injunction by Shift and Corja Holdings, owned by Shift CEO Jacob Corlett.

Shift and Corlett claim to hold warrants entitling them to 66% of Yodel’s share capital — a stake that would grant them working control. These rights were still in place when InPost announced the acquisition on 17 April, despite having been formally notified of Shift’s position prior to the deal.

The court imposed a series of undertakings on Yodel that prevent InPost from integrating the business or making material changes, including investment decisions, leadership appointments, and workforce restructuring.

Under the injunction Yodel cannot:

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• Make changes to its share capital structure or issue new shares or register, approve or otherwise permit the transfer of any of its shares;
• Make changes to the composition of its board of directors;
• Take on new debt obligations (outside the ordinary course of business) or create any security or encumbrances;
• Dispose of any assets with a market value of £25,000 or more (outside the ordinary course of business);
• Enter into any commitment (save in respect of employment) with a duration of six months or more (outside the ordinary course of business);
• Terminate the employment of any employees, save for gross misconduct;
• Novate any contracts with customers to any other entity; or
• Make any material alterations to the ‘Yodel’ brand.

Should Yodel, or any of its directors or officers, breach the injunction, they may be held in contempt of court. The order will remain in effect until the applications are heard in full.

Corlett said that the priority remains “safeguarding Yodel and its workforce” and that he had “zero doubt” court proceedings would prove successful.

He added: “Whilst deeply frustrating that InPost announced an acquisition without clear ownership agreed, I’m pleased interim court protections are now in place. We’re confident the courts will uphold our rights.

“Hopefully, InPost will now review the situation properly and a meaningful dialogue can begin.”

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