By Martin Walker
The former Holiways car showhome has gone up for sale for just under £2m.
The collapsed family-owned Ford dealership went bust in August, with a loss of more than 80 staff.
Administrators have said they will only be able to raise less than a third of what it owes when it sells it assets.
The showhome and land – totalling 27,502 sq ft (2,555.02 sq m) – has gone up for sale for £1.95m with Sanderson Weatherall.
Meanwhile, a report filed with Companies House said that the business had assets with a book value of £3.5m, including property, vehicles and parts, but these were only expected to realise £2.5m.
The business owes more than £8.7m to creditors including Barclays Bank, Ford and the taxman. Ford is taking back its vehicles.
Mark Firmin and Howard Smith, of KPMG’s restructuring practice, appointed as joint administrators by FCE Bank in August.
The Newton Aycliffe-based business sold its dealerships in Durham and Hartlepool to Gateshead’s Vertu Motors at the end of June for £3.5m.
Holiways was hit hard by the end of the scrappage scheme and the impact of high fuel prices.