Target Express confirms job losses

Management at one of the country's largest haulage companies has confirmed reports that it is to cease trading, with the loss of almost 400 jobs.

College Freight, which operates as Target Express, has been in business since 1988.

The decision to cease trading follows a move by Revenue to freeze the company's bank accounts.

It is understood the company had been in ongoing contact with Revenue with a view to settling its liabilities.

Target Express has several big name clients including A-Wear and Smyths Toys.

The company is also the main sponsor of the Tyrone Gaelic football and hurling teams.

Around 300 of the jobs are based in the South with the remainder in the North.

Target says it has paid €1m to the Revenue Commissioners and owes an additional €300,000.

The company claims to have proposed a deal which would see it pay another €175,000 off. However, it says the deal was rejected by Revenue.

Revenue has declined to comment.