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Haulage firm was heavily in debt Workers meet with administrators
(about 5 hours later)
The County Antrim haulage company which has gone into administration with the loss of 200 jobs was heavily in debt. Workers at Reid Transport are meeting administrators following a stand off outside the haulage firm.
According to Cloughmills-based Reid Transport Ltd's latest accounts it was £3.2m in debt in 2005. A total of 200 jobs are to be lost at the Cloughmills-based company which went into administration on Wednesday.
The firm called in the administrators on Wednesday after running out of money. Earlier on Friday it emerged, according to Reid Transport Ltd's latest accounts, it was £3.2m in debt in 2005.
Five weeks ago the company's managing director Liam Reid described rumours that it was in trouble as "malicious and unfounded".Five weeks ago the company's managing director Liam Reid described rumours that it was in trouble as "malicious and unfounded".
Workers have remained at Reid's in protest over salaries they fear they may never be paid.Workers have remained at Reid's in protest over salaries they fear they may never be paid.
Economy Minister Nigel Dodds said help would be given to the 200 workers who have been made redundant.Economy Minister Nigel Dodds said help would be given to the 200 workers who have been made redundant.
In August, Reid's announced on its website that it had just opened a new depot in Buckinghamshire to cope with increased volumes of freight.In August, Reid's announced on its website that it had just opened a new depot in Buckinghamshire to cope with increased volumes of freight.
Staff told the BBC on Thursday that in recent weeks, their workload had significantly increased with drivers working longer hours and delivering bigger loads.Staff told the BBC on Thursday that in recent weeks, their workload had significantly increased with drivers working longer hours and delivering bigger loads.
The administrators, Price Waterhouse Coopers, are currently examining the company's books and will report to the Department of Enterprise Trade and Investment.The administrators, Price Waterhouse Coopers, are currently examining the company's books and will report to the Department of Enterprise Trade and Investment.