One of the North East's largest second hand car retailers has entered into administration with the loss of 49 jobs.
Joint administrators Keith Marshall and Benjamin Wiles of Duff & Phelps were appointed this week after a two-week search for a buyer had failed.
Tyneside Autobuy had traded since 2010, achieving a turnover of more than £25m. Declining performance at the Gosforth-based retailer was blamed for the move.
Keith 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.”