City Link parcel firm gone into administration....

stator

I have plenty, thanks.
Perhaps you don't understand how devastating it is to find out you've lost your job. I suppose for wealthy people it doesn't really matter, they seem to roll straight from one to another.

notanewuser

City link were one of my husband's clients (IT).

getmore4less

Reality check

This company was saved for £1 very recently

Anyone working for them should have been planning ahead.

The jobs were short term unless there was significant changes that were saving money, investment in productivity or increasing business.

getmore4less

notanewuser wrote: »

City link were one of my husband's clients (IT).

Was he the one on TV saying the systems were carp?

Thrugelmir

stator wrote: »

Perhaps you don't understand how devastating it is to find out you've lost your job. I suppose for wealthy people it doesn't really matter, they seem to roll straight from one to another.

Unfortunately Xmas is the pivotal point for many Companies financially. As the post Xmas is often a poor trading period. Nor do I doubt that the management were working up to the close of play on Xmas eve to find a solution. I doubt that their Xmas was particularly great either. As it's everyone that has lost their jobs.

Thrugelmir

notanewuser wrote: »

City link were one of my husband's clients (IT).

A Company going under has an impact of varying degrees not just on customers but it's suppliers. Something that gets regularly overlooked.

notanewuser

getmore4less wrote: »

Was he the one on TV saying the systems were carp?

No, but he'd agree wholeheartedly!

J_i_m

ruggedtoast wrote: »

They were a pretty terrible courier company.

As awful as that sounds, I do think that is true. I only ever experienced or heard bad things about them.

I remember one occasion when I waited in for a delivery and watched on in disbelief as the courier pulled up in their big yellow van, sat parked outside my house for five minutes, then wrote out a 'sorry I missed you card' and put it through my letter box. They didn't take the package out of the van, they didn't even ring the door bell or knock on the door.

I'm sorry for people losing jobs, but their service could be really shocking.

getmore4less

What I wonder is where the rescue money came from and who it went too.

Wonder how much ended up in the hands of some "new" management.

antrobus

getmore4less wrote: »

What I wonder is where the rescue money came from and who it went too.....

Do you mean where did Better Capital get the £40m from? That £40m that reports state that they pumped into City Link over the past 20 months?

I suspect that some of the money came from Better Capital, but that most of it came from pension funds and the like. I'd guess that most of it was simply eaten up by losses.

City Link was a flippin disaster for Rentokil. It lost them £31m in 2011, and another £26m in 2012, before they offloaded it to Better Capital for a £1 in April 2013. At that rate, it would take about, oh, twenty months to burn through £40m quid.

getmore4less wrote: »

...Wonder how much ended up in the hands of some "new" management.

I don't know if Better Capital did put in any "new" management. I expect that, whoever they were, they pocketed a decent wack at the time, but are now facing redundancy.