One of the largest haulage companies in the country 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 the Revenue Commissioners to freeze the bank accounts of the company.

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.

But last night it confirmed its to cease trading with the loss of almost 400 jobs.

Some 300 of these are in the Republic of Ireland with the remainder are in the North.

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

And it claims to have proposed a deal which would see it pay another €175,000 off.

However it says the deal was rejected by Revenue who have declined to comment.

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