Fastway Couriers entered receivership with hundreds of jobs at risk

The company had completed a major expansion of its operations in recent years

Founded in Ireland in 2002, Fastway had a logistic network of 24 locations

There are fears for hundreds of jobs following the decision of Fastway Couriers to enter receivership.

Workers for the company were informed of the news on Tuesday, with receivers being appointed to the firm.

There are fears that up to 300 direct jobs will be impacted, with the potential for many other franchisees and subcontractors to be impacted.

The parent company that is entering receivership, the Nuvion Group, also includes the Parcel Direct and Nügo logistics companies.

Nuvion has blamed inflation, operating costs and price pressures in the parcels market for the decisions.

Founded in Ireland in 2002, Fastway had a logistic network of 24 locations and said it handled more than 25 million parcels annually with partner contracts with over 7,000 domestic and international clients.

It also operates Parcel Connect, a network of over 1,300 convenience stores that facilitate over 2.6 million transactions per year.

Just two years ago, Fastway invested €5m in a major expansion of its operations in Cork, opening a new 44,000 sq. ft. depot, the second largest courier base in the country. 

In January of that year, the company had opened a new state-of-the-art 120,000 sq. ft facility, in Greenogue Business Park, Rathcoole, Co Dublin and moved its headquarters there.