PayPoint has acquired full ownership of Yodel’s Collect+ parcel service in a deal worth £6 million.

The acquisition of the 50 per cent of Collect+ shares that were owned by Yodel puts payment services company PayPoint in charge of the UK’s largest parcel network.

The agreement marks an extension of Yodel’s long-term partnership with PayPoint, with Yodel committing to a multi-year contract to continue as a parcel carrier for Collect+.

Collect+ was set up as a joint venture between PayPoint and Yodel in 2009, to provide a simple, local and accessible service for people to send parcels, return parcels or Click and Collect.

Nick Wiles, executive chairman of PayPoint, said: “This is an extremely important moment for Collect+ which has grown substantially to become the UK's biggest parcel network working with major carriers such as DHL, FedEx and Yodel and retail giants such as Amazon and eBay.

“We look forward to continuing to work closely with Yodel on behalf of our retailers and the millions of customers who rely on the Collect+ service," he continued, adding: "There is substantial opportunity for further expansion – both in terms of the partners we work with and the numbers of outlets we have. We are very excited about the future of Collect+.”

Share Story: