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The company behind Fastway Couriers Ireland has confirmed it has gone into receivership.
It is believed that up to 300 jobs are at risk, and staff were notified this evening.
The company said inflation, rising operating costs and price pressures across the parcels market have made the business “no longer viable”.
In a statement, a spokesperson for the Nuvion Group, which includes Parcel Connect, Fastway Couriers Ireland and Nügo said: “Delays and disruption are envisaged and the receivers will work with retailers to minimise such delays.
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“We want to sincerely thank our employees, franchisees and customers for their continued understanding and support during this difficult time.”
Mark Degnan and Brendan O’Reilly of Interpath Advisory have been appointed as receivers.