By Daniel Hunter

Administrators of parcel delivery firm City Link has sold more than £1 million worth of assets to its rival, DX Group.

DX confirmed that it had bought things like scanners, cages and certain intellectual property for £1.125m.

DX is run by former City Link managing director Petar Cvetkovic, who left City Link in 2009. Last year, it floated on the Alternative Investment Market (AIM), raising £175m in funding.

The DX chief executive said: "It is very sad that City Link has been unable to continue as a going concern, particularly for its employees and contractors.

"The administrators are now proceeding with an orderly sale of assets and we have made a limited investment to acquire certain assets.

"We are also doing all we can to provide opportunities for former City Link employees and contractors and to offer solutions to Customers who may need a new carrier."

City Link announced nearly 2,500 jobs losses on New Year's Eve after it rejected a last minute offer to save the company.

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