

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G
                                 (Rule 13d-102)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
              TO RULES 13d-l(b), (c) AND (d) AND AMENDMENTS THERETO
                             FILED PURSUANT TO 13d-2
                               (Amendment No. 1)*

                               CELADON GROUP, INC.
                                (Name of Issuer)

                    Common Stock, Par Value $0.033 Per Share
                         (Title of Class of Securities)

                                    150838100
                                 (CUSIP Number)

                                 January 1, 2001
             (Date of Event Which Requires Filing of this Statement)

       Check the appropriate box to designate the rule pursuant to which
                             this Schedule is filed:

                              / / Rule 13d-l(b)

                              /x/ Rule 13d-l(c)

                             / /  Rule 13d-l(d)

* The remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for  any  subsequent   amendment   containing   information  which  would  alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).


<PAGE>

                                  SCHEDULE 13G
--------------------                                       --------------------
CUSIP No. 150838100                                        Page 2 of 10 Pages
--------------------                                       --------------------

--------------------------------------------------------------------------------
     NAME OF REPORTING PERSON
1    SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Hollybank Investment, L.P.
--------------------------------------------------------------------------------

2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a) / /
                                                            (b) /x/
--------------------------------------------------------------------------------
3    SEC USE ONLY

--------------------------------------------------------------------------------

4    CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware
--------------------------------------------------------------------------------
             5   SOLE VOTING POWER
NUMBER OF
  SHARES         408,020
                 ---------------------------------------------------------------
BENEFICIALLY
 OWNED BY    6   SHARED VOTING POWER
   EACH
REPORTING        0
                 ---------------------------------------------------------------
  PERSON
   WITH      7   SOLE DISPOSITIVE POWER

                 408,020

                 ---------------------------------------------------------------

             8   SHARED DISPOSITIVE POWER

                 0
--------------------------------------------------------------------------------

9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     408,020
--------------------------------------------------------------------------------

10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   / /

--------------------------------------------------------------------------------

11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     5.2% (See Note 1)

--------------------------------------------------------------------------------

12   TYPE OF REPORTING PERSON

     PN

--------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
     Note 1 - This Percentage is based on 7,788,000 shares of Common Stock
                      outstanding as of February 12, 2001.

<PAGE>
                                  SCHEDULE 13G
--------------------                                       --------------------
CUSIP No. 150838100                                        Page 3 of 10 Pages
--------------------                                       --------------------

--------------------------------------------------------------------------------
     NAME OF REPORTING PERSON
1    SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Thistle Investment LLC
--------------------------------------------------------------------------------

2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a) / /
                                                            (b) /x/
--------------------------------------------------------------------------------
3    SEC USE ONLY

--------------------------------------------------------------------------------

4    CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware
--------------------------------------------------------------------------------
             5   SOLE VOTING POWER
NUMBER OF
  SHARES         106,900
                 ---------------------------------------------------------------
BENEFICIALLY
 OWNED BY    6   SHARED VOTING POWER
   EACH
REPORTING        0
                 ---------------------------------------------------------------
  PERSON
   WITH      7   SOLE DISPOSITIVE POWER

                 106,900

                 ---------------------------------------------------------------

             8   SHARED DISPOSITIVE POWER

                 0
--------------------------------------------------------------------------------

9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     106,900
--------------------------------------------------------------------------------

10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   / /

--------------------------------------------------------------------------------

11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     1.4% (See Note 1)

--------------------------------------------------------------------------------

12   TYPE OF REPORTING PERSON

     OO

--------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
     Note 1 - This Percentage is based on 7,788,000 shares of Common Stock
                      outstanding as of February 12, 2001.


<PAGE>
                                  SCHEDULE 13G
--------------------                                       --------------------
CUSIP No. 150838100                                        Page 4 of 10 Pages
--------------------                                       --------------------

--------------------------------------------------------------------------------
     NAME OF REPORTING PERSON
1    SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Gattonside Investment LLC
--------------------------------------------------------------------------------

2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a) / /
                                                            (b) /x/
--------------------------------------------------------------------------------
3    SEC USE ONLY

--------------------------------------------------------------------------------

4    CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware
--------------------------------------------------------------------------------
             5   SOLE VOTING POWER
NUMBER OF
  SHARES         116,300
                 ---------------------------------------------------------------
BENEFICIALLY
 OWNED BY    6   SHARED VOTING POWER
   EACH
REPORTING        0
                 ---------------------------------------------------------------
  PERSON
   WITH      7   SOLE DISPOSITIVE POWER

                 116,300

                 ---------------------------------------------------------------

             8   SHARED DISPOSITIVE POWER

                 0
--------------------------------------------------------------------------------

9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     116,300
--------------------------------------------------------------------------------

10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   / /

--------------------------------------------------------------------------------

11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     1.5% (See Note 1)

--------------------------------------------------------------------------------

12   TYPE OF REPORTING PERSON

     OO

--------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
     Note 1 - This Percentage is based on 7,788,000 shares of Common Stock
                      outstanding as of February 12, 2001.


<PAGE>

                                  SCHEDULE 13G
--------------------                                       --------------------
CUSIP No. 150838100                                        Page 5 of 10 Pages
--------------------                                       --------------------

--------------------------------------------------------------------------------
     NAME OF REPORTING PERSON
1    SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Dorsey R. Gardner
--------------------------------------------------------------------------------

2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a) / /
                                                            (b) /x/
--------------------------------------------------------------------------------
3    SEC USE ONLY

--------------------------------------------------------------------------------

4    CITIZENSHIP OR PLACE OF ORGANIZATION

     U.S.A
--------------------------------------------------------------------------------
             5   SOLE VOTING POWER
NUMBER OF
  SHARES         106,000 **Please refer to Item 4, Page 7 for disclaimer of
                           beneficial ownership
                 ---------------------------------------------------------------
BENEFICIALLY
 OWNED BY    6   SHARED VOTING POWER
   EACH
REPORTING        0
                 ---------------------------------------------------------------
  PERSON
   WITH      7   SOLE DISPOSITIVE POWER

                 106,000

                 ---------------------------------------------------------------

             8   SHARED DISPOSITIVE POWER

                 0
--------------------------------------------------------------------------------

9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

    106,000 **Please refer to Item 4, Page 7 for disclaimer of
              beneficial ownership

--------------------------------------------------------------------------------

10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   /x/

--------------------------------------------------------------------------------

11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     1.4% (See Note 1)  **Please  refer  to  Item 4, Page 7  for disclaimer of
                          beneficial ownership

--------------------------------------------------------------------------------

12   TYPE OF REPORTING PERSON

     IN

--------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
     Note 1 - This Percentage is based on 7,788,000 shares of Common Stock
                      outstanding as of February 12, 2001.


<PAGE>


                                  SCHEDULE 13G
--------------------                                       --------------------
CUSIP No. 150838100                                        Page 6 of 10 Pages
--------------------                                       --------------------

ITEM 1(A). NAME OF ISSUER:

     Celadon Group, Inc., a Delaware Corporation (the "Company").

ITEM I(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

     9503 East 33rd Street, Indianapolis, IN 46235-4207.

ITEM 2(A). NAME OF PERSON FILING:

     The  Persons  filing this  statement  are  Hollybank  Investment,  L.P.,  a
Delaware limited partnership ("LP"),  Thistle Investment LLC, a Delaware limited
liability  company  ("LLC"),  Gattonside  Investment  LLC,  a  Delaware  limited
liability  company  ("Gattonside  Investment") and Dorsey R. Gardner,  a general
partner  of LP and  managing  member of LLC  ("Gardner").  Gardner is manager of
Gattonside Management LLC ("Gattonside Management"),  which serves as manager to
Gattonside Investment.

ITEM 2(B). ADDRESS OF PRINCIPAL OFFICES OR, IF NONE, RESIDENCE:

     The business address of Gardner,  LP, LLC and Gattonside  Investment is c/o
Kelso Management  Company,  Inc., One International  Place,  Suite 2401, Boston,
Massachusetts 02110.

ITEM 2(C). CITIZENSHIP:

     Hollybank Investment, L.P. - Delaware
     Thistle Investment LLC - Delaware
     Gattonside Investment LLC - Delaware
     Dorsey R. Gardner - U.S.A.

ITEM 2(D). TITLE OF CLASS OF SECURITIES:

     The title of the class of equity securities to which this statement relates
is the shares of Common Stock, par value $0.033 per share (the "Shares"), of the
Company.

ITEM 2(E). CUSIP NUMBER:

     150838100

<PAGE>

                                  SCHEDULE 13G
--------------------                                       --------------------
CUSIP No. 150838100                                        Page 7 of 10 Pages
--------------------                                       --------------------


ITEM 3. IF THE STATEMENT IS BEING FILED  PURSUANT TO RULE 13d-1(b), OR 13d-2(b)
OR (c), CHECK WHETHER THE FILING PERSON IS A:

(a) / / Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o);
(b) / / Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c);
(c) / / Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C.
        78c);
(d) / / Investment company registered under Section 8 of the Investment Company
        Act of 1940 (15U.S.C. 80a-8);
(e) / / An investment adviser in accordance with l3d-l(b)(I)(ii)(E);
(f) / / An employee benefit plan or endowment fund in accordance with 13d-I
        (b)(I)(ii)(F);
(g) / / A parent holding company or control person in accordance with
        13d-l(b)(1)(ii)(G);
(h) / / A savings association as defined in Section 3(b) of the Federal  Deposit
        Insurance Act (12 U.S.C.1813);
(i) / / A church plan that is excluded from the definition of an investment
        company under Section 3(c)(14) of the Investment Company Act of 1940
        (15 U.S.C. 80a-3);
(j) / / Group, in accordance with l3d-l(b)(l)(ii)(J).

If this statement is filed pursuant to 13d-1(c), check this box.      /x/

ITEM 4. OWNERSHIP:

     The  information  in Items 5-11 on the cover  pages  (pages 2 through 4) of
this Schedule 13G is incorporated by reference.

     As of the date of this  statement,  LP is the  beneficial  owner of 408,020
Shares, LLC is the beneficial owner of 106,900 Shares and Gattonside  Investment
is the beneficial owner of 116,300 Shares.  Gardner, as a general partner of LP,
managing  member of LLC and  Gattonside  Management,  which serves as manager of
Gattonside  Investment,  may be deemed to beneficially  own Shares  beneficially
owned by LP, LLC and Gattonside Investment,  respectively.  Except to the extent
of his  interests  as a limited  partner  in LP, a member  of LLC or  Gattonside
Investment, Gardner expressly disclaims such beneficial ownership and the filing
of this  statement  shall not be construed  as an admission  that Gardner is the
beneficial  owner of the Shares owned by LP, LLC or  Gattonside  Investment  and
covered by this statement.


<PAGE>


                                  SCHEDULE 13G
--------------------                                       --------------------
CUSIP No. 150838100                                        Page 8 of 10 Pages
--------------------                                       --------------------

ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.

     If this  statement  is being  filed to report  the fact that as of the date
hereof the reporting  person had ceased to be the beneficial  owner of more than
five percent of the class of securities, check the following            / /

ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON.

     Not Applicable.

ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.

     Not Applicable.

ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE
GROUP.

     Not Applicable.

ITEM 9. NOTICE OF DISSOLUTION OF GROUP.

     Not Applicable.

ITEM 10. CERTIFICATION.

     By signing  below I certify  that,  to the best of my knowledge and belief,
the  securities  referred  to above were not  acquired  and are not held for the
purpose of or with the effect of  changing  or  influencing  the  control of the
issuer of the  securities  and were not acquired and are not held in  connection
with or as a participant in any transaction having that purpose or effect.

<PAGE>

                                  SCHEDULE 13G
--------------------                                       --------------------
CUSIP No. 150838100                                        Page 9 of 10 Pages
--------------------                                       --------------------

                                    SIGNATURE

     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.

Dated: February 13, 2001

                              HOLLYBANK INVESTMENT, L.P.

                              By:/s/ DORSEY R. GARDNER
                                 ---------------------
                                     General Partner

                              THISTLE INVESTMENT LLC

                              By:/s/ DORSEY R. GARDNER
                                 ---------------------
                                     Managing Member

                              GATTONSIDE INVESTMENT LLC

                              By:/s/ DORSEY R. GARDNER
                                 ---------------------
                                     Manager of Gattonside Management LLC,
                                     the manager of Gattonside Investment LLC

                              DORSEY R. GARDNER

                                  /s/ DORSEY R. GARDNER
                                  ---------------------
                                       Dorsey R. Gardner



     The original  statement  shall be signed by each person on whose behalf the
statement is filed or his authorized representative.  If the statement is signed
on behalf of a person by his authorized  representative  other than an executive
officer  or   general   partner  of  the   filing   person,   evidence   of  the
representative's  authority to sign on behalf of such person shall be filed with
the  statement,  provided,  however,  that a power of attorney  for this purpose
which is already on file with the Commission may be  incorporated  by reference.
The name and any title of each person who signs the statement  shall be typed or
printed beneath his signature.

ATTENTION. INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).

<PAGE>

                                  SCHEDULE 13G
--------------------                                       --------------------
CUSIP No. 150838100                                        Page 10 of 10 Pages
--------------------                                       --------------------


                                  EXHIBIT INDEX

99.1 Joint Filing Agreement.  Filed herewith.


