Almost 400 jobs have been lost at one of the country's largest haulage companies.
Management at Target Express confirmed tonight that the company had ceased trading.
The decision to cease trading followed a move by the Revenue Commissioners to place an attachment on the company's bank accounts. Management said they have been unable to pay staff as a result.
Target Express is the trading name for College Freight Ltd, which was founded by businessman Seamus McBrien. The company, which has an address in Damastown in Mulduddart in Dublin, operates a number of depots across the island of Ireland, with a small presence in mainland Britain.
The most recent accounts for the company, for the year ended December 2010 show that the company had shareholders funds of £7.3 million at year end.
It is understood that the company had been in ongoing contact with Revenue, with revenue placing attachments on the company's bank accounts last week. Third parties can place an attachment on individuals or businesses, in lieu of that body's unpaid tax, without the need to first obtain a judgment.
Target Express is also well-known as the main sponsor of Tyrone GAA. Clients of the company include Smyths Toys and AWear.
