C-Tyres manager in talks with two potential buyers

Gary Oliver travelled to a meeting in the south of the country yesterday to speak to one interested party and is in talks with a second potential buyer, based in the Midlands, today.

He said he remained hopeful that the County Durham company, which was forced to close three weeks ago, with the loss of 100 jobs, could still be sold as a going concern.

"I am confident that we can sell the business, but the sooner the better, as time is of the essence," he said. "I am travelling south at the moment to speak to a company and then I will have another meeting in the Midlands."

Mr Oliver said he would be interested in retaining some links with the company should it be sold. "I think there is a future for the business, but we are where we are now. I am speaking to several people who have expressed an interest and I am keen to offer my services," he said. "It is a specialist field and there are not many people who know how to run the place."

C-Tyres - formerly Colway Tyres - was forced to close on October 22 following a dispute with the landlord of its premises on the Littleburn Industrial Estate in Langley Moor, over rent.

The landlord issued the company with a forfeiture notice, which has prevented the firm's bosses access to the site.

C-Tyres called in Sunderland specialists Tenon Recovery and the business was officially placed into administration last week. All 100 staff were made redundant and are still to receive last month's pay.

Mr Oliver believes the landlord of the premises, which was up for auction recently but failed to sell, would allow the tyre retread company to continue operating on the estate should it be sold.

"He has indicated to me that he would be happy for that to happen," said Mr Oliver. "It wouldn't be C-Tyres, of course, because that's finished, but he would be happy for a tyre re-treading firm to continue to operate from there."

The Northern Echo has been unable to contact the landlord.