NEARLY 50 workers have been made redundant at a second hand car firm.

Tyneside Autobuy Limited has ceased trading.

Administrators say 49 workers have lost their jobs after they failed to find a buyer for the company.

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They blamed the Newcastle-based company’s troubles on the difficult used car market.

Keith Marshall, from administrators Duff and Phelps, said: “Despite the best efforts of management and its funders, it wasn’t 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 ensuring redundancy payments are processed as quickly.”

The company, regarded as the North-East’s largest used car supermarket, was founded in 2010 and had annual turnover of more than £25m.