Jobs 'may be saved at Target Express' as deal is struck with rival31/08/2012 - 17:35:55
The High Court has heard a significant number of jobs may be saved at insolvent trucking company Target Express, which ceased trading earlier this week over a Revenue debt.
Masterlink Logistics Ltd is to take over some of Target's assets including the name, the goodwill of the company and its customer list.
A total of 398 people were laid off when Target Express ceased trading earlier this week.
This evening, the liquidators came to court having negotiated a deal with Masterlink Logistics.
Masterlink does not plan to buy the firm's fixed assets, such as its fleet of trucks. It wishes to take over as much of Target Express' trade as possible by buying the name and its customer lists.
The court has made an order clearing the way for the liquidators to sign off on the deal tonight.
The court was told that "time is ticking" and that, while Masterlink Logistics is committed to re-employing as many staff as possible, that was dependent on how much business it could salvage.
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