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We present ALMA observations of cold dust and molecular gas in fourhigh-luminosity, heavily reddened (A$_{\rm{V}} \sim 2.5-6$ mag) Type 1 quasarsat $z\sim2.5$ with virial M$_{\rm{BH}} \sim 10^{10}$M$_\odot$, to test whetherdusty, massive quasars represent the evolutionary link between submillimetrebright galaxies (SMGs) and unobscured quasars. All four quasars are detected inboth the dust continuum and in the $^{12}$CO(3-2) line. The mean dust mass is6$\times$10$^{8}$M$_\odot$ assuming a typical high redshift quasar spectralenergy distribution (T=41K, $\beta$=1.95 or T=47K, $\beta$=1.6). The impliedstar formation rates are very high - $\gtrsim$1000 M$_\odot$ yr$^{-1}$ in allcases. Gas masses estimated from the CO line luminosities cover$\sim$1-5$\times10^{10}$($\alpha_{\rm{CO}} / 0.8$)M$_\odot$ and the gasdepletion timescales are very short - $\sim5-20$Myr. A range of gas-to-dustratios is observed in the sample. We resolve the molecular gas in one quasar -ULASJ2315$+$0143 ($z=2.561$) - which shows a strong velocity gradient over$\sim$20 kpc. The velocity field is consistent with a rotationally supportedgas disk but other scenarios, e.g. mergers, cannot be ruled out at the currentresolution of these data. In another quasar - ULASJ1234+0907 ($z=2.503$) - wedetected molecular line emission from two millimetre bright galaxies within 200kpc of the quasar, suggesting that this quasar resides in a significantover-density. The high detection rate of both cold dust and molecular gas inthese sources, suggests that reddened quasars could correspond to an earlyphase in massive galaxy formation associated with large gas reservoirs andsignificant star formation.

The Discovery of Gas-Rich, Dusty Starbursts in Luminous Reddened Quasars at $z\sim2.5$ with ALMA