Jobs lost as Tyneside Autobuy call in administrators

Nearly 50 jobs have been lost after the collapse of the North East's largest used car supermarket Tyneside Autobuy

Tyneside Autoparc
Tyneside Autoparc is operated by Tyneside Autobuy who have gone into administration

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.”

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