Former Yodel owner probably forged mother’s signature in takeover bid, judge rules | Couriers/delivery industry
Yodel’s former owner forged his mother’s signature, possibly in a bid to regain control of the parcel delivery company, a high court judge ruled Friday.
Logistics entrepreneur Jacob Corlett, 31, launched his takeover of Yodel in January 2024, buying the financially struggling company for £1 as part of a plan to merge it with his parcel company Shift.
Within six months Yodel was unable to pay its debts to HM Revenue and Customs and its trading partners, forcing Corlett to sell the business to another company, Judge Logistics Ltd (JLL), in June 2024, also for £1.
Earlier this year, Polish parcel locker company InPost acquired JLL in a £106 million deal.
Following a lawsuit filed against him by Yodel, alleging breach of fiduciary duty during his tenure as director, Corlett launched an unsuccessful countersuit in an attempt to regain control of Yodel.
The claim alleged that at the time Yodel was sold to JLL, Corlett held warrants that gave companies owned by him a majority stake in the business.
Yodel challenged the authenticity of the documents in court and produced forensic handwriting analysis that cast doubt on the authenticity of witness signatures that he said were provided by Corlett’s mother, Tamara Gregory.
According to the evidence, the documents allegedly signed at a breakfast meeting at Corlett’s Liverpool flat two days before the JLL takeover were written using three different pens.
The judge, Mr Justice Fancourt, concluded that Corlett probably forged his mother’s initials after he lost control of the company, making it appear that he had witnessed the warrant document which Corlett claimed gave him control of the company.
In court, Gregory claimed that he signed the documents himself but wrote a “bad” signature using initials rather than a longer version because he was pressed for time and was angry and upset.
Fancourt ruled: “The conclusion to be drawn from this evidence is supported by the testimony of handwriting expert witnesses that the signatures on the disputed documents were suspicious, showed many signs of forgery, and were probably forged.”
He said Gregory’s evidence was “an attempt by a loving mother to help her son who was in a very difficult situation of his own making.”
It also found that Corlett had “not given even a moment’s thought” to how he would repay the debts of trade creditors, landlords and HMRC, and that any attempt to take control of the company would prevent it from receiving rescue funding.
“Mr Corlett put forward, in cross-examination, a number of discredited statements about these conversations that were untrue and characteristically shaped in some way to attempt to conform to indisputable facts,” he added.
Michael Rouse, chief executive of InPost, which now owns Yodel, said: “This is an extraordinary decision that shows just how far Corlett is prepared to go to extract money from Yodel.
“This decision fully confirms our position and preserves the integrity of our capital. It ensures that our existing shareholders, partners, and the thousands of people who work for Yodel can continue to focus on serving our customers without being distracted by these meritless and dishonest allegations.”
“Following these findings of fraud, Yodel is considering further legal action. We will continue to pursue our existing allegations of breach of duty and misappropriation of funds against those involved to ensure the company and its creditors are fully protected.”
The Guardian approached Shift, of which Corlett is CEO and founder, for comment.
