Jobs may be saved in Target sell-off

The joint liquidators of Target Express last night concluded an agreement for the sale of some of the company’s assets to rival haulage firm Masterlink Logistics.

It is hoped that the agreement will save at least some of the 400 or so jobs lost by the collapse of the trucking company which ceased trading on Monday over a Revenue debt.

In a statement, the liquidators, Michael McAteer and Stephen Tennant of accountancy firm Grant Thornton, paid tribute to Target Express staff for facilitating the quick sale which includes the goodwill, customer list, and intellectual property of College Freight, trading as Target Express.

“Masterlink will try and retain as many TargetExpress customers in the Republic of Ireland,which will hopefully secure as many jobs as possible,” said a spokesman for theliquidators.

In a separate statement, Masterlink said it hoped to restore as many of the lost jobs as possible, but this would depend on customer support for the former Target Express business.

“It is not possible to indicate exactly how many jobs will be restored at this point in time,” said a company spokeswoman.

“However, Masterlink Logistics will be seeking to restore as many of the jobs that were lost earlier this week as possible, and in that respect will be in immediate contact with key customers, many of whom have found interim solutions, and will appeal to them to reinstate their business,” the spokeswoman said.

The agreement was concluded within hours of a High Court approval for the sale of some of the company’s assets to Master Logistics. The sale also required the consent of a contingent creditor of the company, including a banking creditor.

It is understood that Masterlink offered a cash consideration for the assets.