Connect Group, which owns Pass My Parcel, has announced that it is to close the business and wind down the associated Parcel Shop network. The announcement was made in a trading update by the group this week.
The Pass My Parcel network includes more than 3,500 parcel shops and has customers that include Amazon and ASOS. Last year the company announced a partnership with ReBOUND.
The group said that it has suffered increased costs in Pass My Paracel and after a careful review of the prospects for the business had decided to close and wind down its associated network of local retailers.
“We are currently in discussion with key clients to effect as orderly a withdrawal as possible. In the meantime we are working to ensure costs can be removed in line with the profile of the closure of operations,” the company said in the update.
The company also announced that its group chief executive Mark Cashmore is to step down from the business whilst David Bauernfeind, chief financial officer, has left the business with immediate effect. In the meantime, the company has appointed Tony Grace, most recently CFO at Yodel, as interim CFO from Monday 18 June.
Image credit: Pass My Parcel
