The provisional liquidators of Target Express have agreed to sell some of the company's assets to Masterlink Logistics.

The High Court earlier granted approval to the sale, which will see Masterlink acquire a number of parts of the freight company, including its remaining goodwill.

Masterlink Logistics has said it will now seek to re-employ as many former Target Express workers as possible, however it said it was not yet able to indicate how many jobs that would amount to.

Around 400 jobs were lost as a result of Target Express' closure, after the company ceased trading on Monday.

Masterlink is headquartered in Blanchardstown, Dublin and currently employs around 350 people.

It said it sought to acquire the assets because there was a "strong fit between both businesses".

On Wednesday the High Court assigned Michael McAteer and Stephen Tennant of accountancy firm Grant Thornton as provisional liquidators which ceased trading last Monday.

Barrister for the liquidators Rossa Fanning told the court today that the proposed contract from Masterlink was "the best offer" for all concerned.

It was one of two offers made to the provisional liquidators.

The other offer was deemed to be inferior, counsel added.

It was not known how many of the jobs at Target Express could be saved, counsel said.

It was dependent on how much of the business could be retained.

Since the company ceased trading earlier this week some of Target Express's customers had made alternative arrangements. counsel said.

It is hoped that the more business that the new owners retained the more jobs will be able to be retained.

The proposed sale of the assets also requires the consent of a contingent creditor of the company, including a banking creditor.

However, the provisional liquidators were confident of getting that approval.

After giving the courts consent the Judge adjourned the matter to a date in September.