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

Bosses at the Clifford Centre Family Indoor Market, in Stanley town centre, last night 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 debts of tens of thousands of pounds.

The debts included 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 was 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.

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

This led to more tenants leaving, which increased cash-flow problems and the bailiffs were sent in a second time 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 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 secure further funding from its main backer, Barclays Bank.

The restructuring has led to most of the traders returning 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 next month. The first sale will take place on May 16, from 10am until 3pm. For details, call (01207) 299600.