SIX hundred jobs have been secured after a deal was struck to safeguard a depot.

A management buy-in has secured the future of ferries and logistics group Cenargo International's largest UK operation.

The terminal, in Eaglescliffe, Teesside, is home to Cenargo's logistics arm as well as tenants such as Virgin cosmetics, online directory AskAlix and CEM Event Management.

The centre has equipment enabling efficient container handling and storage facilities.

It is an approved inland clearance depot and provides Customs and Excise bonded warehousing.

It was put in the hands of administrators Ernst and Young earlier this year after the parent group ran into difficulties.

Cenargo International filed for bankruptcy protection in the United States under Chapter 11 of the Bankruptcy Code after failing to meet a £5.3m payment on a £110m junk bond issue.

Three new owners, Jack Price, Mark Winton and Elaine Watthey, will now control operations after reaching an agreement with the administrators.

The Tees Valley Development Company (TVDC) said the buy-in was "very important news, not only for the workforce but for the whole Tees Valley economy".

Neil Etherington, chief executive of TVDC, said: "The Eaglescliffe centre has tremendous potential and in our discussions with the new owners we have been very encouraged by their ambitions for its future development.

"It should be underlined that the recent difficulties arose not from any problem associated with the logistics operation but other parts of the Cenargo Group.

"We see the Eaglescliffe site, with 500,000sq ft of warehousing - including bonded and customs clearance facilities - as a key element in developing a comprehensive logistics network in the Tees Valley, linking in with other facilities, including the port and airport, to provide the region's gateway for access to national and international markets.

"Obviously the news will be especially welcome for the current workforce at Eaglescliffe. We certainly believe that the new management has the experience and the financial backing to succeed and we look forward to working with them to maximise the potential for business and jobs."

The TVDC has already held talks with the new owners who have a strong background in the logistics business.