Mon, 26 Jun 2023 | ADMINISTRATION
Assets of Tuffnells Parcels Express have been understood to have been acquired out of administration.
The freight distribution business which is headquartered in Sheffield and has 33 depots across the UK, has agreed on a deal with Shift, a logistics technology business for the Tuffnells IP, brand and selected assets.
Shift, which was founded in 2017 is run by 29-year-old entrepreneur, Jacob Corlett and uses smart algorithms to give customers and businesses a lower-cost, on-demand delivery service as it filters through the pre-existing routes of registered independent drivers and fleets of vehicles.
Shift’s clients in Britain include Homebase and IKEA and earlier this year it it bought Berlin-based Movinga.
Jacob Corlett, chief executive at Shift, said: "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. We are also currently in dialogue with relevant parties to enable us to reopen some depots and provide re-employment opportunities."
Richard Harrison and Howard Smith from Interpath Advisory were appointed as joint administrators to Tuffnells Parcels Express Ltd earlier this month
Richard Harrison, managing director at Interpath Advisory and joint administrator, added: "We are pleased to have concluded this transaction which secures the future of one of the UK's longest-standing and well-recognised courier brands, as well as helping to facilitate an opportunity for the purchaser to generate a number of jobs. I would like to take this opportunity to thank all the employees and other stakeholders who have supported us throughout the administration process to date."
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