Logistics group Shift on the hunt for more deals amid Tuffnells swoop
Logistics-tech group Shift, which is making a swoop for delivery firm Tuffnells, has said it is eyeing up further acquisitions in the near future, with multiple deals on the horizon.
Shift’s founder Jacob Corlett told City PM that “we’ve got multiple deals in the pipeline”.
“We’re in discussions with different parties of different shapes and sizes,” he said. “Watch this space.”
Shift, which was established in 2017, confirmed today that it has struck a deal with administrators at Interpath Advisory to purchase the Tuffnells brand after the company entered into administration earlier this month, leading to 2000 staff being made redundant.
Shift is now in ongoing talks to try and secure many of Tuffnells’ 33 depots.
A number of other companies – the names of which have not yet been revealed – are also seeking a deal for the depots, and City PM understands that the talks are expected to conclude within days.
The deal would mark Shifts’ biggest acquisition since buying European home move platform Movinga in April.
“We didn’t expect to be doing this only two months after Movinga,” Corlett said.
The founder said he would like to rehire as many Tuffnells employees that were made redundant as possible, adding that that Shift has already “had 700 Tuffnells employees reach out to us about employment”.
But Cortlett cautioned that the firm “can’t guarantee that we’ll employ a single Tuffnells employee,” until a deal surrounding the depots is confirmed.
“The picture is becoming clearer by the day. So you know, by this time tomorrow, and the day after, it’ll be further along, we’ll know which sites are opening, we’ll know what type of roles will become available,” he said.