Almost 400 jobs could go after Ireland's largest privately-owned transport company announced that it is to cease trading.

College Freight, which operates as Target Express, employed 390 staff in Ireland, Northern Ireland and Britain.

It is understood that the Revenue Commissioners placed attachments on the company's bank accounts on Friday and that, despite ongoing negotiations, the issues could not be resolved.

While the company did not confirm the scale of the debt owed to Revenue, it is understood to be less than €1 million.

It is understood the company's employees were not paid on Friday and as yet it is unclear whether the company will seek the appointment of a receiver.

This could lead to it being sold as a going concern and some of the jobs being saved.

It is also unclear what impact the closure will have on logistics for client customers, which include large companies such as Smyths Toys, L'Oréal and AWear.

Target Express opened in 1988 and has 12 operating depots across the island and four in Britain. It also operates four logistics warehouses.

The company's management expressed its deep regret at the decision to cease trading and thanked staff and customers for their support over the past 24 years.