While administrators announce substantial new year job cuts, City Link’s owner Better Capital tells stakeholders it expects to recoup 50% of investments
Apr
23
City Link private equity firm hopes to recover £20m despite job losses
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City Link van at a depot in south London. Administrators at Ernst & Young said they briefed staff of substantial job cuts taking place on 31 December. Photograph: Leon Neal/AFP/Getty Images
The private equity firm behind City Link expects to recover £20m from the collapsed parcel carrier as it was confirmed thousands of employees would lose their job on New Year’s Eve.Although no redundancies were announced formally on Monday, administrators at Ernst & Young (EY) said they had briefed staff at City Link’s depots around the country that a “substantial” round of cuts would take place on 31 December. The company, which employs 2,727 staff as well as 1,000 self-employed drivers and agency workers, has stopped taking parcels but has opened its warehouses in order to allow customers to retrieve their parcels…
City Link private equity firm hopes to recover £20m despite job losses
