By Martin Walker
Holiways Ford are said to be holding a crunch board meeting on Monday to decide its future, Aycliffe Today understands.
A source from within Holiways has told us Barclays Bank has called in a £1.6m debt hanging over the troubled firm.
And we’re told a top-brass meeting on Monday will determine whether they carry on, or go into liquidation, with around 50-60 jobs going at its Newton Aycliffe and Bishop Auckland dealerships.
Earlier this week, Holiways denied rumours the company was on the verge of going into administration.
Managing director Matthew Hardy offered a brief statement, simply saying: “Holiways is not about to be placed into administration and will not be, simple as that.”
However, an employee of the firm contacted Aycliffe Today this weekend, contradicting the statement.
Our source says Holiways was given a temporary reprieve by the bank after selling its Hartlepool and Durham dealerships for a combined £3.6m to rival firm Bristol Street Motors.
We’re told Ford were trying to find buyers for the remaining dealerships at Aycliffe and Bishop – but all company accounts are said to be on “lockdown” in the meantime, making it difficult for the company to trade as normal.
And Barclays has now called in its £1.6m debt, our source said, giving Holiways an ultimatum.
We contacted Holiways this weekend, but nobody was made available to confirm or deny the claims.