The administrators of collapsed delivery firm City Link have announced 2,356 workers lose their jobs after administrators of the City Link announced a deal to purchase the company fell through.
Ernst & Young who were in charge of the administration said an anonymous consortium’s offer was not accepted as they “offered no money up front and significantly undervalued the assets to be acquired”.
Alternative purchase terms were proposed to the consortium by the administrator “that would be acceptable and common in these situations. The consortium, despite attempts to make them reconsider, declined to amend their original offer”.
City Link which was based in Coventry company employed 2,727 staff, but suffered years of losses.
Just a little over 370 City Link staff have been kept on to deal with the parcels that remain at depots and help run down the business.
The way the whole situation has been handle has been criticised by many including 2 Conservative MP’s, criticism that has fell on deaf ears.
Fact remains over 2,300 people have lost their jobs at a time when they along with their family’s were celebrating Christmas as the announcement was first made on 25th Decemeber.