The courier and parcel delivery firm City Link has gone into administration. The company employs 2,727 people around the UK including 400 at its head office and transport hub in Coventry. It is expected that there will be a large number of redundancies at the company in the coming days. City Link's customers include retailers such as John Lewis as well as thousands of small businesses. It has annual revenues of around £300m. In 2013, following several loss-making years, City Link was bought from Rentokil for a symbolic £1 by the private equity firm Better Capital, which said it would invest £40m in the business. A subsidiary company City Link (Properties) No. 1 Ltd, which manages and coordinates payments on property leases on behalf of City Link Ltd, has also been placed into administration. According to its latest set of accounts the property company had assets of £7.3m.
