Jon Moulton explains collapse of Citylink
The administrator of City Link, Ernst and Young, say 2,727 people are expected to lose their jobs as the company is wound down.
The RMT Union says more than 2,000 of those are to be made redundant on New Year's Eve. Today City Link depots will re-open so customers can retrieve their parcels.
Jon Moulton is founder of City Link's owner, the private equity company Better Capital. Jon told Today "we're very sorry about the failure of City Link and we're very sorry about the horrible effects that will follow for the workforce and contractors."
"I'm afraid that is the result of the company failing, nothing more nothing less."
First broadcast on the Today programme 29th December 2014