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Fastrack in receivership
Page 110
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• Midland-based overnight parcels delivery company Fastrack Group has collapsed with the loss of 340 jobs.
The company has two subsidiaries, Fastrack Parcels and Newco Delivery: it was handling approximately 10,000 business packages a day.
Receivers from accountants KPMG were appointed after shares in the company were suspended. A skeleton staff of 43 has been kept on to wind down the business.
Joint receiver Allan Graham says: We are saddened to have to make these redundancies. We do, however, continue to seek a buyer for the business's assets." He adds that the 40 independent franchisees are not directly affected by the company's insolvency Fastrack operated out of Nuneaton and Wellingborough with major depots in Bradford, Nottingham and Basildon. Its collapse comes two months after buying Ontime Logistics and Ontime International from logistics group Jacobs in exchange for a 34% shareholding.