DX Group snaps up City Link assets
The administrators of parcel delivery company City Link has sold significant assets to DX Group.
DX has bought assets including scanners and cages as well as some intellectual property for £1.125m.
DX is run by the former managing director of City Link Petar Cvetkovic.
Mr Cvetkovic left City Link in 2009.
DX also recently acquired a significant minority stake in ‘green’ delivery services provider, Gnewt Cargo.
DX, a leading independent mail, parcels and logistics end-to-end network operator in the UK and Ireland, acquired a 49.8% shareholding in Gnewt Cargo for approximately £1.75 million in cash on completion.
Founded in 2009 with the aim of reducing pollution, particulate emissions and congestion, Gnewt operates a fleet of over 100 electric zero-emission vehicles, including cargocycles and minivans. It offers multi-drop ‘last mile’ delivery services in Central London.
“I am delighted that Matt and Sam, who both co-founded Gnewt, have chosen to partner with DX. We use Gnewt’s services ourselves and therefore know just how efficient and Customer-focused they are – and, of course, how they help to reduce emissions and make city centres better places to be. We now look forward to working with the Gnewt team to expand their environmentally-friendly ‘last mile’ delivery services to other UK cities. We will be combining Gnewt’s technical expertise with DX’s funding support and core volumes to start-up Gnewt locations across the UK.”
