ONE half of a troubled car parts manufacturer that went into administration last month has been saved together with 125 jobs.

Southern investor Vincent Bootes has purchased the Tolwood side of Vickers Pressings Tolwood Automotive (VPTA), based in Newton Aycliffe, County Durham, for an undisclosed sum.

The new business, trading as Tolwood Technologies Ltd, has kept all 125 existing employees.

The future of the Newcastle-based Vickers Pressings side of the business, and its 190-strong workforce, was last night hanging in the balance.

KPMG, which was appointed as administrator by VPTA, said there had been a lot of interest. A spokesman for KPMG said: "We are looking for a sale and speaking to interested people. It is looking quite positive."

Mr Bootes, who has worked with Tolwood for 15 years as a supplier, said he plans to expand the firm and generate £2m worth of new business within the next three months.

Speaking exclusively to The Northern Echo, he said the firm had a long and secure future ahead.

"I want to see this business grow. Nissan is an extremely important customer and I want to continue that strong relationship," said Mr Bootes.

"The purchase of the business included a four-acre freehold site, in Newton Aycliffe, which will give the company a long, secure future.

"The initial plan is to increase sales - we are looking to get £2m of new business in the first quarter - then it will be about growth, expansion and investment in the site.

"There is certainly scope to create more jobs as the business grows. The strength of this company is down to its workforce.

"I was very impressed that while the company was in administration, everybody on the shop floor performed very well. They deserve a pat on the back."

VPTA was formed earlier this year following the merger of Tolwood Limited and Vickers Pressings.

In February, the automotive components manufacturer said it planned to increase sales, double turnover and increase staff numbers.

However, on October 21 it went into administration with the subsequent loss of 14 jobs - 12 at its Newton Aycliffe head office and two at its Newcastle office.