Connect Group – Pass My Parcel to close

Pass My Parcel is set to be closed by the Connect Group after disappointing results across the Group. The Parcel Shop Network is set for the chop as well.

In a trading update covering the period up to 2 June, Connect Group said: “Overall performance since the Group announced its interim results on 1 May 2018 has been extremely disappointing, and the Company has materially reduced its expectations for full year profit before tax.”

There are changes at the top of Connect Group too. the Group CEO Mark Cashmere is set to step down, as is the CFO David Bauemfeind who is leaving the company with immediate effect. The interim CFO is to be Tony Grace who will start work on the 18th June. In its trading statement, the Connect Group said of Grace that he has “strong and relevant experience, most recently as CFO at Yodel, and previously in senior roles at Virgin Media and Telewest”.