City Link’s administrators have agreed to sell some of the business’s assets to DX Group for £1.125m. The assets include cages, scanners and certain intellectual property.
Hunter Kelly, joint administrator said: “This transaction represents our first step in realising the value of City Link Limited’s assets. We will continue this process over the coming weeks, alongside conducting an orderly wind down of the company’s operations.”
The administrators set 6th January as the last day that City Link depots would be open for companies and individuals to collect parcels.
Petar Cvetkovic was managing director of City Link before becoming chief executive of DX Group in in April 2010. He said: “It is very sad that City Link has been unable to continue as a going concern, particularly for its employees and contractors.
“The administrators are now proceeding with an orderly sale of assets and we have made a limited investment to acquire certain assets. We are also doing all we can to provide opportunities for former City Link employees and contractors and to offer solutions to customers who may need a new carrier.”
