A consortium of local investors has pitched in to rescue iconic carpet maker, Axminster Carpets and its remaining 100 staff members.

Axminster Carpets was established by the Whitty family in the 1750s and it has supplied to 10 Downing Street and the Royal Albert Hall. It was rescued by consortium of local investors led by Stephen Boyd and will not continue to manufacture trademark Wilton and Tufted carpet from the factory at its East Devon. The recue also saved about 100 jobs at the Devon town, from where the company produces and supplies its carpets.

The company had gone into administration in February and about 300 jobs were lost in the process.

The consortium headed by Boyd, who is the head of leather supplier Pittards, also includes former managing director of Axminster Joshua Dutfield. The consortium said that they have acquired the firm as a going concern from the administrator, Duff & Phelps.

The move to rescue the firm came after thousands participated in a campaign to revive the heritage 258-year-old business and brand. The company has been facing difficult business climate due to rising commodity prices and low sales due to a global economic slowdown.