The carpet firm Axminster has been saved from closure by a consortium of local business people who have bought the East Devon business as a going concern from administrators Duff and Phelps.

The company went into administration in March with the announcement of 300 redundancies after a 258-year history that included supplying carpets for government and royalty.

The new deal will secure around 100 jobs at the company's factory and outlet shop in Axminster, and another outlet in Buckfast.

London-based financiers Centric Commercial Finance provided funding for the rescue, while Josh Dutfield, Axminster's managing director and the grandson of the founder of the business in its current form, led management efforts to support the deal.

Dutfield will head up the new business with many of the previous senior management team, and has said there will be a restructuring, focusing on Axminster's retail network and its consumer offering.

Benjamin Wiles, managing director at Duff and Phelps, said: 'It is a great result to secure the continuance for such an iconic name. I believe we have secured the best possible outcome for the local region and most importantly the staff.'