City Link has confirmed 2,356 job losses following the failure of an eleventh hour bid to buy the courier firm. 371 employees will be kept on in order to deal with any remaining parcels and to wind down operations. There had been brief hope that a rescue deal would go through, but Ernst & Young have now released a statement noting that the unnamed consortium 'offered no money up front and significantly undervalued the assets to be acquired'. Ernst & Young did offer alternative terms to the consortium, terms that would be considered 'standard and common' given the circumstances, but the offer was declined. Jon Moulton, founder of City Link owners, Better Capital, made an apology to the staff affected, but said that there had simply been no alternative but to put the business into administration. Administrator Hunter Kelly said: "It is with regret that we have to announce substantial redundancies at City Link, which ceased accepting new parcels on 24 December 2014. "The company endured substantial losses, which ultimately became too great for it to continue as a going concern and City Link entered administration following an unsuccessful sale process." City Link was founded in 1969, and was originally purchased by Better Capital in April 2013 for just £1.