News

Administrators are not looking for a buyer for Reid Transport after laying off the haulier's 200 staff. PricewaterhouseCoopers was called into the Coughmills, County Antrim-based haulier last week when the management's attempts to sell the business as a going concern failed. Reid had been suffering serious financial  difficulties and a period of trading losses.

Administrator Gareth Calow says: "In recent weeks the directors have attempted to sell the business as a going concern however this has not been possible in the time available. "Unfortunately because of a lack of funds the administrators cannot continue trading and have no option but to close the business and implement an immediate redundancy programme."

The majority of the 200 staff, based at the HQ and depots in Dublin, London, Manchester and the Midlands, were made redundant on Wednesday last week (22 November). Some were kept on to help run the business down. Calow says he hopes all staff will receive a payment before Christmas.

David Pattison, senior analyst at Plimsoll Publishing, says "[Reid was] a company that was heavily under-capitalised and in debt to the tune of £3.5m. Interest payments were costing it £200,000 a year. "Based  on financials alone, Reid Transport doesn't look that different from many other larger companies in the sector."