One of the country's biggest transport companies has ceased trading with the loss of 100 jobs.

Liam Carroll Transport and Refrigeration, which is based in Thurles, Co Tipperary, made the announcement to workers this morning, blaming the failure of the business on the economic downturn and bad debts.

The firm's owner, Liam Carroll, told RTÉ News he was deeply saddened by the company's closure and the loss of jobs.

Mr Carroll said he hoped that around 70 of his workers might be used by another company which would be taking on some of its contracts.