AN INDOOR market that supports dozens of businesses has been saved from closure.

Bosses at the Clifford Centre Family Indoor Market, in Stanley town centre, confirmed that the troubled enterprise had turned the corner, after it went into administration in December last year.

Centre director Michael Smith said: "It has been a complete turnaround.

"From being dragged along at the bottom and losing the confidence of the public, there is now a real buzz about the place again."

Problems began with an exodus of traders from the centre that led to spiralling debts of tens of thousands of pounds, including substantial sums owed in rent to the building's owners, Safeway Properties, plus unpaid business rates and trade debts.

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

The outlook grew gloomy after a Christmas boom failed to materialise and by April last year, half the tenants had left, leading to a cash crisis for the market management.

Things got so bad that, in June, Derwentside District Council sent in bailiffs over outstanding business rates of £55,000.

This in turn led to more tenants leaving, which increased cash-flow problems and led to the bailiffs being sent in again in the summer.

"We thought we could compete with the likes of Asda in the town and for a while we did," said Mr Smith.

"But to try something of this scale in an area like Stanley was never going to be easy."

Since the company went into administration, Mr Smith has been working with Lancashire-based firm, Ideal Corporate Solutions (ICS), to restructure the firm's finances.

At the end of March, the company's creditors agreed to a legally binding, five-year repayment programme.

ICS has also helped the company to secure further funding from its main backer, Barclays Bank. The restructuring has led to most of the traders coming back, and the centre is now operating at nearly full capacity again.

Eamonn Wall of ICS, said: "This is obviously a viable business. The company is hitting its targets now and is making a profit."

The centre is launching Derwentside's first indoor car boot sale. The first will take place on May 16, from 10am until 3pm. For further details, contact (01207) 299600.