A British parcel operator forged documents as part of a failed attempt to take control of Yodel. This comes from a damning Supreme Court ruling that brings new clarity to one of the most chaotic corporate battles in the UK logistics sector.
Mr Justice Fancourt ruled that Jacob Corlett had conspired with his mother Tamara Gregory to falsify stock option documents in order to reverse the sale of Yodel to Polish courier group InPost. The judge said the signatures on the disputed documents were “suspicious,” showed “many traces of forgery” and were “likely forged” based on handwritten evidence from experts.
In a strongly worded ruling released on Friday, the judge concluded that both Mr Corlett and his mother had lied to the court about the manner in which the documents were produced. He described Mr Corlett as “a most unsatisfactory witness” and said the evidence clearly pointed to forgery.
The ruling is a significant victory for InPost, which agreed a £106 million deal to acquire Yodel earlier this year after months of uncertainty over the company’s ownership and financial stability. Mr. Corlett had tried to derail the takeover by claiming he held warrants entitling him to buy more than 60 percent of Yodel’s shares, effectively making him the majority owner again.
The Supreme Court rejected this argument and declared the arrest warrants invalid because they were forged. As a result, Mr Corlett’s attempt to regain control of the company has failed.
Michael Rouse, chief executive of InPost International, said the ruling was an “extraordinary judgment” that fully vindicated InPost’s position. He accused Mr. Corlett of going to extreme lengths to extort money from Yodel and said the decision protected the integrity of the company and its shareholders. In light of the court’s findings, InPost is now considering further legal action.
The ruling addresses just one aspect of a broader legal saga. Mr Corlett is also accused of siphoning millions of pounds from Yodel during a brief period as owner last year, something he strongly denies. Those claims, including allegations of asset seizure and diversion of funds to companies linked to him and his mother, are scheduled to be examined in a separate Supreme Court case next year.
Yodel, which employs around 10,000 people, was previously owned by the Barclay family and was sold to Mr Corlett for £1 in 2024 in a final attempt to stave off bankruptcy. At the time, the 31-year-old entrepreneur was portrayed as a white knight who would stabilize the Liverpool-based parcel company and merge it with his start-up Shift Group.
But relations quickly deteriorated after Yodel’s lenders and advisers alleged that the company’s funds had been embezzled, including payments totaling more than £4 million to companies linked to Mr Corlett. Court papers also allege that funds were funneled overseas to a company in the Isle of Man owned by his mother.
Mr Corlett has denied any wrongdoing and says he was unaware of the payments. A spokesman said he was disappointed with the outcome of the ruling and that his legal team was reviewing the ruling while considering next steps.
For Yodel and InPost, the decision removes a major cloud hanging over the company and paves the way for the Polish group to move forward with its plans for the British delivery company, after a period of turmoil that threatened its survival.
