Fastway Couriers Ireland Enters Receivership, 300 Jobs at Risk

Fastway Couriers Ireland has confirmed it is entering receivership, placing up to 300 jobs at risk. Employees were notified of the situation on December 5, 2023, as the company cited rising inflation, increasing operating costs, and price pressures across the parcels market, rendering the business “no longer viable.”

The Nuvion Group, which oversees Fastway Couriers Ireland along with Parcel Connect and Nügo, released a statement acknowledging potential delays and disruptions in service. “The receivers will work with retailers to minimize such delays,” a spokesperson stated. They expressed gratitude to employees, franchisees, and customers for their ongoing support during this challenging period.

Cork-based driver Declan Kelleher shared his shock with Cork’s 96FM Opinion Line, describing the announcement as unexpected, especially just weeks before Christmas. “We knew the company was restructuring and were told there was investment coming, so we didn’t think anything would happen before Christmas,” he explained. Kelleher noted that the network was active, with 150,000 parcels in circulation the day prior to the announcement.

On the day of the receivership, Kelleher described a chaotic scene at the depot. After delivering two full vans of parcels, he returned to find the facility sealed. “At about 16:00, four gentlemen who were the receivers entered the building. Word spread quickly that something was going on. By 17:00, we were told the company had gone into receivership and we couldn’t take anything in or out of the building.”

Many of Fastway’s couriers operate as owner-drivers, purchasing and managing their own routes under a franchise model. Kelleher mentioned that he and others are owed several weeks’ pay, stating, “We work four weeks in hand. They’re holding four weeks’ money on me for two to three vans, and others have even more. Some lads are in deep trouble.”

Customers are likely to experience delays as many parcels are either in transit or still located at the Letterkenny depot. Mark Degnan and Brendan O’Reilly of Interpath Advisory have been appointed as receivers to manage the situation.

As the impact of the receivership unfolds, employees and customers alike await further developments regarding the future of Fastway Couriers Ireland and the fate of their parcels.