A car supermarket near Wideopen has gone into administration.
Nearly 50 jobs have been lost after Tyneside Autobuy Limited, which runs Tyneside Autoparc in Sandy Lane, went into administration due to declining trading performance.
Bosses made the decision to cease trading after no suitable purchaser came forward.
Keith Marshall and Benjamin Wiles, of Duff & Phelps, have been appointed joint administrators.
Mr Marshall said: “Regrettably, despite the best efforts of management and its funders, who supported the process, it was not possible to achieve a sale of the business as a going concern
“ The lack of interest was primarily due to challenging conditions in the used-car sector and the business’ historically weak trading performance. Our focus now is on dealing with ongoing customer queries in as sympathetic a manner as possible and expediting employee claims to ensure that redundancy payments are processed as quickly as possible.”
Tyneside Autobuy Limited ran the north east’s largest second hand car supermarket and had traded since 2010, achieving an annual turnover in excess of £25m.