NEWCASTLE-UPON-TYNE, England (Nov. 9, 2001)—British retreaders Colway Tyres Ltd. and Motorway Tyres Ltd. have gone into receivership. The businesses are being offered for sale as going concerns by financial services firm KPMG International.
With annual sales of $9.5 million, Colway of Durham, England, retreaded tires for passenger cars, light trucks and 4x4 vehicles, with a capacity to process 1.7 million units a year.
Colway last year retreaded about 1 million tires for both domestic and export markets, according to company information. Motorway has annual sales of about $2 million from its heavy and light truck tire retreading operation in Powys, Wales, which has annual capacity of 25,000 tires.