Delivery firm failed after collapsed of Evri contract
City Couriers, the Chesterfield-based deivery firm, fell into administration after the turnover derived from its contract with Evri was cut by more than a half, documents seen by TheBusinessDesk.com have revealed.
During late 2023, the company’s revenue from Evri fell from £180,000 a week to just £80,000 – significantly impacting its cashflow.
On 13 March, City Couriers was served with a winding up petition by E-Capital Commercial Finance, relating to its client Praetura Invoice Finance’s factored debt of almost £62,000.
On April 12 Leonard Curtis was appointed as administrator to City Couriers with all employees being made redundant.
Trading results for the year to March 31 show that City Couriers made a loss of over £1.4m against a profit of £195,000 for 2023.
Praetura Invoice Finance, the company’s only secured creditor, will recieve a dividend. However, City Couriers’ unsecured creditors won’t receive any of the money owed to them.
In total, City Couriers collapsed owing more than £2.3m to creditors.
