A British parcel entrepreneur forged documents as part of a failed bid to take over Yodel, according to a High Court ruling that brings new clarity to one of the most tumultuous corporate battles in the UK transport sector.
Mr Justice Fancourt ruled that Jacob Corlett conspired with his mother, Tamara Gregory, to falsify shareholding consent documents in an attempt to overturn Yodel’s sale to Polish courier group InPost. The judge said the signatures on the disputed documents were “suspicious”, with many signs of forgery and “probably forged”, based on expert handwriting evidence.
In a powerful ruling published on Friday, the judge concluded that both Mr Corlett and his mother lied to the court about how the documents were obtained. He described Mr Corlett as a “very unconvincing witness” and said the evidence strongly pointed to fabrication.
The decision is a significant victory for InPost, which agreed a £106m deal to acquire Yodel earlier this year, following months of uncertainty over the company’s ownership and financial stability. Mr Corlett sought to reverse the takeover by saying he held instruments authorizing him to buy more than 60 per cent of Yodel’s shares, effectively restoring him as the majority owner.
The Supreme Court rejected that argument, ruling that the warrants were illegal because they were false. As a result, Mr Corlett’s attempt to regain control of the business failed.
Michael Rouse, chief executive of InPost International, said the decision was an “extraordinary decision” that fully vindicated InPost’s position. He accused Mr Corlett of taking money from Yodel and said this decision protects the integrity of the company and its shareholders. InPost is now considering further legal action against the court’s findings.
This decision touches only one strand of a wider legal saga. Mr Corlett has also been accused of defrauding Yodel of millions of pounds during his short ownership tenure last year, allegations he strongly denies. Those allegations, including allegations of confiscation of property and the feeding of funds to companies linked to him and his mother, will have to be examined in another High Court case next year.
Yodel, which employs around 10,000 people, was previously owned by the Barclay family and was sold for £1 to Mr Corlett in 2024 in a last-ditch bid to avoid going into debt. At the time, the 31-year-old businessman was portrayed as a white knight who would revive the Liverpool-based parcel company and merge it with his own start-up, Shift Group.
However, the relationship quickly soured after Yodel’s creditors and advisers alleged that the company’s funds had been misused, including payments of more than £4m made to businesses linked to Mr Corlett. Court documents also revealed that the money was transferred offshore to his mother’s Isle of Man company.
Mr Corlett has denied wrongdoing and says he was unaware of the payments. His spokesperson said he was disappointed with the outcome of the decision and that his legal team is reviewing the decision as it considers next steps.
For Yodel and InPost, the decision removes a big cloud over the business and paves the way for the Polish group to move forward with its plans for the UK delivery firm, following a period of turmoil that threatened its survival.
