Yodel admits losses of £1m a week

[TrueBlueTerrier]

http://www.roadtransport.com/Articles/2 ... a-week.htm" onclick="window.open(this.href);return false;

Troubled parcel carrier Yodel has admitted it is haemorrhaging cash, making losses of £1m a week. But the revelation only reinforces its need to implement "big steps" to get back in the black.

According to Yodel documents leaked to Motor Transport, inviting employees to apply for voluntary redundancy, the parcel giant states: "As you are aware, for the first time we are experiencing a simultaneous reduction in B2B and B2C volumes due to the retail recession. The competition for business has become more fierce and delivery patterns are changing. As a result of the external factors, internally we continue to lose over £1m per week."

The confirmation of the losses comes shortly after it was exclusively revealed that Yodel is axing up to 60 its of 120 depots, and closing four national hubs.

In response to the £1m weekly losses, Yodel chief executive Jonathan Smith, says: "We can see a return to profit, but steps need to be taken first, and a move to a local courier model will play a part in that, as will a consolidated property portfolio. We know we have to be competitive and need a lower operating cost base, as it is tough for all parcel carriers at the moment."

However, the firm, which is owned by billionaire businessmen Sir David and Sir Frederick Barclay, is still aiming to achieve a £1bn turnover with a 10% to 15% return in the next few years.

Yodel is the brand name for the merged businesses of HDNL and DHL Domestic, with the former acquiring the latter in March 2010. As at the year to April 30 2010, the combined business had a pre-tax loss of £20.47m.

[fishtank]

They aren't even in our league.
We had it up to £1million a day allegedly.
Must try harder.

Just for interest..
Yodels biggest customer is Littlewoods/Shop Direct.

Who owns Littlewoods/Shop Direct?
Who owns Yodel?

Two questions...one answer.

[clashcityrocker]

They aren't even in our league.
We had it up to £1million a day allegedly.
Must try harder.

Just for interest..
Yodels biggest customer is Littlewoods/Shop Direct.

Who owns Littlewoods/Shop Direct?
Who owns Yodel?

Two questions...one answer.

Is it you?

[fishtank]

Is it you?

This is why you will never be left in charge.

[clashcityrocker]

Is it you?

This is why you will never be left in charge.

Didn't you claim to be the secret millionaire in one thread?
Was you telling porky pies?

[Wessex]

Is it a pair of Barclays ?

[DGP1]

Is it you?

This is why you will never be left in charge.

Didn't you claim to be the secret millionaire in one thread?
Was you telling porky pies?

It's Postman with all the money he got from Moya for the site (and I believe Teebs has a small interest too )