The company behind Fastway Couriers Ireland has entered receivership, prompting fears for about 300 jobs.

On Tuesday, a spokesman for the Nuvion Group, which also includes Parcel Connect and Nügo, confirmed the move.

“The business has faced sustained inflation, rising operating costs and ongoing price pressures across the parcels market, which have made it no longer viable in its current form,” he said.

Mark Degnan and Brendan O’Reilly of Interpath Advisory have been appointed as receivers.

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It is understood there are 300 jobs directly at risk, while a larger number of indirect jobs could see total the total number reach 1,000 as a result.

The spokesman said that delays and disruption to services were envisaged and that the receivers would work with retailers to minimise any impact.

“We want to sincerely thank our employees, franchisees and customers for their continued understanding and support during this difficult time,” he said.

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