INVESTORS have been given little more than a month to come up with a deal to save hundreds of jobs at the Sanyo microwave oven plant.

The Newton Aycliffe plant, in County Durham, and its sister operation, in Thornaby, Tees-side, will close on November 30 with the loss of 315 jobs.

Last-ditch talks have been taking place between management and an unnamed European consortium in a bid to take over the running of the Aycliffe plant as a going concern. Management at Aycliffe have said an agreement between the two parties must be reached by the end of next motnth for a buy-out to go-ahead.

Plant manager David Simpson said: "If there is nothing in place by the end of August, it would not be common sense to continue. We need to ensure continuity of supply contracts with customers and it is time for people to put their money where their mouth is.

"Discussions so far have been interesting and we are waiting for a more detailed response to our proposals."

Staff at Aycliffe and Thornaby, who are on a two-week holiday, have been issued with redundancy notices by Sanyo.

The Japanese electronic firm signalled its intentions to pull out of manufacturing in the UK after announcing that production of microwave ovens was "no longer viable".

A buy-out of the Aycliffe factory could save the jobs of up to a third of the workforce, although a final figure has not been revealed.

Thornaby, which makes the heating component for microwaves, would not be included in the new operation.

Production would be concentrated on the higher niche end of the microwave oven market, rather than the budget models currently catered for by Sanyo.

Officials from the Amalgamated Engineering and Electrical Union, which represents staff at Aycliffe, have issued a plea for help to Prime Minister Tony Blair in a bid to save the affected jobs.

Mr Blair, whose constituency the plant is in, is being kept informed of developments and has said the Government will do what it can