150 jobs saved at Cheshire tech firm
Mobile tyre-fitting firm Tyres On The Drive has been bought out of administration, saving 150 jobs.
True, a retail and consumer-focused investment firm, acquired the Cheshire company in a pre-pack deal with the result that there will be no redundancies.
Sarah O'Toole, Eddie Williams and Jonathan Roden from Grant Thornton were appointed joint administrators to Tyres On The Drive, which fixes punctures or fits new tyres at a location of their customers’ choice, on 31st January.
It covers 85 per cent of UK households from its eight regional hubs.
True’s other investments include The Cotswold Co, Ribble Cycles, Frugi and Zwift.
Tyres On The Drive chief executive Ray Fernandez said: "I am delighted that True, with such a strong eCommerce track record, has chosen to support our team and the company's stakeholders.
"While it is business as usual, having an aligned shareholder with an appetite to invest in the team and the proposition will allow us to fulfil our ambitious growth and development plans."
Matt Truman, chief executive and co-founder of True, added: "Tyres On The Drive is a business fit for the future of the automotive industry. Most importantly, it is a business loved by customers.
"Through its proprietary software platform, it is uniquely positioned to deliver its leading e-commerce services to consumers and businesses alike whilst developing its software for partners across the world.
“We look forward to supporting the management team in the execution of their vision and are delighted to continue the journey we started in 2014, when we first invested in Tyres On The Drive."