Richard O'Connell, co-founder of Bandvulc Tyres has asked us to point out that an article in last week's Gazette about fuel duty increases could have given the wrong impression.

We stated: 'The UK's largest independent producer of retread truck tyres is considering moving away from its headquarters in Lee Mill – with a potential loss of more than 300 jobs to the area'.

This was incorrect.

Mr O'Connell said: 'Every 1p rise per litre in diesel, increases our overheads by £8,000.

'We are also hit by other energy taxes such as the Climate Change Levy and, shortly, the Carbon Reduction Commitment tax will also be introduced.

'Our exports are now approaching 10 per cent of our production.

'As we increase exports the cost of transport exponentially rises.

'It is not only the Government that is the subject of economics but also industry.

'There comes a point where it is cheaper to move the export work closer to the market than it is to transport the goods'.

The export work of Bandvulc Tyres is 10 per cent of the business and Mr O'Connell has informed the Gazette there are no plans whatsoever to move away from the company's Lee Mill Headquarters.

Mr O'Connell added: 'If the company continued to expand its sales into Europe, consideration would be given, that a time would come when the transport cost for our export part of the business could mean that that part of the business would have to be expanded by building an additional factory in that market'.

The Gazette wishes to apologise to Bandvulc and its employees for any distress caused by the inaccuracies of article.