Updated: 28/08/12 : 06:32:05Printable Version
Almost 400 jobs could go after Ireland's largest privately-owned transport company announced that it is to cease trading.
College Freight, which operates as Target Express, employed 390 staff in Ireland, Northern Ireland and Britain.
The Target Express vans and lorries have been a familier sight on Sligo roads as they service customers in the county and the northwest.
The company's depot in Roscommon, pictured above
, which covers counties Roscommon, Sligo, Mayo and Leitrim is a brand new high bay warehouse with three loading bays and 30,000 square feet of storage space and 5000 square feet of office space.
It is understood that the Revenue Commissioners placed attachments on the company's bank accounts on Friday and that, despite ongoing negotiations, the issues could not be resolved.
While the company did not confirm the scale of the debt owed to Revenue it is understood to be less than €1 million.
It is understood the company's employees were not paid on Friday and as yet it is unclear whether the company will seek the appointment of a receiver.
This could lead to it being sold as a going concern and some of the jobs being saved.
It is also unclear what impact the closure will have on logistics for client customers, which include large companies like Smyths Toys (Sligo Retail Park), L'Oreal and AWear (O'Connell St).
Target Express opened in 1988 and has 12 operating depots across the island and four in Britain. They also operate four logistics warehouses.
The company's management expressed its deep regret at the decision to cease trading and thanked staff and customers for their support over the past 24 years.