Fast-growing logistics outfit Shift to pick up pieces of Tuffnells
An up and coming logistics firm is understood to have snapped up pieces of delivery giant Tuffnells Parcel Express, following its collapse earlier this month placing 2,000 jobs at risk.
Shift, which was launched five years ago by 29 year old Jacob Corlett has acquired the brand and intellectual property of the British delivery service, according to Sky News’ Mark Kleinman.
Shift is said to be in talks with Interpath Advisory, who Tuffnells appointed to handle its bankruptcy.
The privately owned logistics firm, which already has partnerships with retailers such as Ikea, is also eyeing the leases of some of Tuffnells 33 delivery depots across the UK.
It is not understood if any job roles will be saved in the deal.
“The acquisition supports our vision for Shift’s tech-driven logistics platform to disrupt both consumer and business logistics, through cutting-edge AI-driven routing decisions and driver management efficiency,” Corlett told the outlet.
Corlett told City PM in a previous interview the firm was keen to expand.
Tuffnells collapsed after it faced a number of issues following its return to being privately owned in 2020, including the impact of Covid-19 and high inflationary pressures.
It has had a legacy in the UK since its formation in 1914 and provides services to over 4,000 businesses, including bike retailer Evans Cycles which is owned by retail tycoon Mike Ashley.
“Unfortunately, the highly competitive nature of the UK parcel delivery market, coupled with significant inflation across the company’s fixed cost base in recent times, has resulted in the company experiencing intense pressure on cashflow,” Rick Harrison, managing director at Interpath and joint administrator, said at the time.
City A.M contacted Interpath Advisory and Shift for a comment.