STALLHOLDERS have banded together to save an indoor market from closure.

Traders at the Clifford Centre Family Indoor Market, in Stanley, have formed a company after the previous one, Stanley Markets Company, was made the subject of a winding-up order.

They are now planning rename it the People's Market and form a committee to make group decisions.

Last month, they were told that the centre would close and that they had three weeks to find new premises.

Joe Keeler, owner of Media Mart, said: "Three weeks ago we were all ready to slit our throats because we thought we were losing our businesses.

"People were crying because they thought we were all going under. The morale wasn't very high when we found out, but once everyone got together we realised we could make this work.

"All the traders got their heads together and we have managed to save the market. We had to because it was our businesses and our livelihood."

The centre, on the site of the former Presto store, opened in October 2002 and attracted more than 6,000 visitors to its launch event.

But by April 2003, half of the tenants had left, creating financial problems for the market's management.

In June, Derwentside District Council sent in bailiffs after it had outstanding business rates of £55,000.

There are 18 units being used out of a possible 70. Stalls include computer equipment, DVDs and videos, food, clothing alterations, electrical goods and an amusement arcade. A new caf and sports stall is due to open next week.

Mr Keeler hopes the company will mark the start of a new dawn for the indoor market.

He said: "We are all chuffed to bits about the new arrangements. It is fantastic.

"It is great news, not just for the traders but for the town as a whole because what Stanley needs is a good indoor market.

"We would like to appeal to anyone thinking of starting business to get in touch because it is an ideal opportunity."

Rent for a single stall costs £60 a week. For more information, contact Mr Keeler on (01207) 299 600.