Fears for 400 jobs as delivery firm ceases trading over debt to taxman

ALMOST 400 workers could lose their jobs after Target Express owners College Freight announced it was to cease trading.

The firm, the country’s largest private transport company, employed 390 staff, of whom 300 jobs are in Ireland and the rest in the North.

Reports last night said the Revenue Commissioners placed attachments on the company’s bank accounts last Friday over monies owing. Negotiations followed.

However, these negotiations failed to yield a compromise and the company said it had been forced to cease trading with immediate effect.

Concerns were raised on Friday when the employees of the company were not paid and their worst fears were later confirmed.

While the company did not confirm the scale of the debt owed to Revenue, reports yesterday said the sum was believed to be less than €1million.

Last night it was unclear if the company would seek the appointment of a receiver.

Such a decision could lead to the firm being sold as a going concern and some of the jobs being saved.

In addition the debts could possibly be restructured with the prospect of saving some of the supply chain contracts and jobs.

The company transports goods for large companies and it was also unclear what impact the closure would have on logistics for customers which include large companies like Smyths Toys, L’Oreal and AWear.

Target Express is also the sponsor of the Tyrone football team. The company, which opened in 1988, has 12 depots across the island. It operates four logistics warehouses.

The company’s management said that it expressed its deep regret at the decision to cease trading and thanked staff and customers for their support over the past 24 years.