City Link’s management had laid out plans to pull out of the B2C market and refocus the courier’s efforts on attracting higher-margin business shortly before its collapse, it has emerged. A report published by administrator Ernst & Young (EY) also revealed that the troubled parcels carrier saw a net loss after tax of £44.4m for the year to 24 December, on a turnover of £243.5m. In the face of this, City Link’s management had devised a turnaround plan a month […]
Devon-based Gregory Distribution has acquired the business, assets and goodwill of Oxfordshire firm Interoute Transport Services, which went into administration on 17 May.
Hargreaves Services has purchased civil engineering and earth moving group Pryor, after the latter was placed into administration.
City Link parent Rentokil Initial is optimistic the troubled parcel carrier is on the road to recovery despite its latest results showing losses increased in the first three months of the year. In his statement to the market, Rentokil Initial CEO Alan Brown, says City Link losses were higher than the previous year but that performance of the business improved through the first quarter as its new management team started to implement their plans. Brown adds: “We expect a significant […]