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182 
REID TRANSPORT CLOSED BY ADMINISTRATORS
Page 6
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ADMINISTRATORS ARE not looking for a buyer for Reid Transport after laying off its 200 staff.
PricewaterhouseCoopers was called into the Coughrnills, County Antrim-based haulier last week when the management's attempts to sell the business as a going concern failed. Reid had been in serious financial difficulties for some time.
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.' Most of the 200 staff, based at the HO and depots in Dublin, London, Manchester and the Midlands, were laid off on Wednesday last week (22 November). Some were kept on to help run the business down.
Calow says he hopes all staff will receive their redundancy payments before Christmas.
David Pattison, senior analyst at Plimsoll Publishing, says, "[Reid was] heavily undercapitalised and in debt to the tune of 23.5m. 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."