C-Tyres In Administration
C-Tyres, the Langley Moor, Durham-based manufacturer of the Colway brand of car and truck tyre retreads, has today called in the Administrator. Gary Oliver, managing director of C-Tyres, told T&A that the company had been served with a forfeiture notice by its landlord at the weekend and had been unable to gain access to the site. With no access to the factory, stock and customer records, the directors of C-Tyres were forced to call in the Administrator. Said Oliver: “Because we couldn’t get on to the site, we couldn’t even access our employees’ contact details to tell them not to come to work.” C-Tyres employs around 100 staff.
The current management team took over C-Tyres in January 2002, when the company was turning over £3 million annually. “This year we were on course for a £6 million turnover and were making an operating profit” Oliver told T&A. During this time, C-Tyres concentrated its efforts on niche products and actually increased the product range, adding truck retreads.
Gary Oliver was on his way to meet the Administrator when T&A spoke to him, but says that the company will continue to trade while in Administration and that it will eventually be sold as a going concern. In addition to the Colway product range, C-Tyres operates a casing collection service and has an on-site waste disposal facility, which Oliver believes makes the company attractive to a prospective buyer looking to reduce its carbon footprint.
Things will be clearer after the initial meeting with the Administrator and Gary Oliver said that he would get in touch with C-Tyres’s customers as soon as the Administration process is set up.