Former Target Express depot prices slashed

Administrators working for the Target Express group have slashed the price of warehouses for sale as they seek to dispose of the remaining assets.

BDO Northern Ireland has also been given a six-month extension to its administration in a bid to raise as much money as possible for Target Express’s secured creditors.

The move came as commercial property firm Savills, which is marketing the sale of three Target Express properties in Ireland, confirmed it had revised their prices, including knocking off €1m (£844,000) from a property on the Damastown industrial estate in Ballycoolin, Dublin.

Meanwhile, BDO Northern Ireland said it had sold a warehouse and office in Leeming Bar, Yorkshire, for £755,000, as well as properties in Roscommon and Fermanagh, but unsecured creditors are still not expected to receive money.

“There will be insufficient funds generated from the sale of assets to pay a dividend to the unsecured creditors,” it said in a progress report.

Target Express appointed insolvency experts last year following cashflow problems. Masterlink ultimately bought some of the group's Republic of Ireland-based business last year.