Reid Transport ceases trading due to soaring costs

Commercial Motor
November 22, 2007

Northern Irish haulier Reid Transport has become the latest casualty of soaring cost pressures and has ceased trading citing serious financial difficulties.

Administrators from PricewaterhouseCoopers (PWC) were appointed to the Cloughmills, Co Antrim-based firm on 21 November following “serious financial difficulties and a period of trading losses”.

Garth Callow, from PWC, says the firm had been looking or a buyer in recent weeks, without success.

He says an “immediate redundancy programme” has been implemented for the firm’s 200-strong workforce, but a minority of workers are being kept on to assist with the rundown of the business.

“Drivers and subcontract drivers already on the road have been asked to complete their current journey and they will be paid for this work,” Calow says.

“This is a particularly difficult situation so close to Christmas, especially when there is no prospect of saving the company and the associated jobs,” he adds. The firm had depots in Cloughmills, Aylesbury, Crick, Heywood and Dublin.

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