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Carpet maker Axminster Carpets, based at the East Devon town, has filed a notice of intention to appoint administrators.

The company says it is "working to find buyers for the business as a going concern." If forced into administration, 90 jobs could be at risk.

A spokesperson said: "We have filed a notice of intention to appoint administrators which provides the company with the required protection as we work towards a going concern solution.

"As part of the restructure that we confirmed last year our focus remains on securing a sustainable future for Axminster Carpets.

"This is important for the local town, our employees, customers, suppliers and consumers who value the quality of craftsmanship."

The news was first shared by Sky News this evening. It reports that insolvency firm Duff & Phelps is said to have been put on standby to handle the process if the "frantic bid" falls through.

The historic carpeting business has supplied many familiar names and businesses over decades, including Buckingham Palace and pub giant Wetherspoons.

Last year the firm announced job losses, citing "uncertainties around Brexit" as being a core factor in the decision.

A statement issued by its managing director, Jonathan Young, was issued to staff on September 10 2019.

It read: "Axminster Carpets has been fundamentally repositioned during the last couple of years during which time the business has seen good growth in sales, launch of new products, improved customer service and further development of its brand.

"The current market outlook is however more challenging with the sustained uncertainty relating to Brexit leading to a lack of consumer-spending confidence.

"Axminster Carpets is a proud British manufacturer which fully recognises the essential part that its employees play in delivering such exceptional products.

"The company is therefore working very closely with its employees whilst it implements a process to streamline its operations in order to make sure it is positioned for a sustainable future.

"The company is therefore asking its employees if anyone would like to take the opportunity of voluntary redundancy which may work for both parties.

"The company would like to take the opportunity to express regret at having to make such difficult changes.

"We would like to thank those employees who are impacted by these changes and are sure that their dedication and that of the remaining workforce will ensure the ongoing production of great products whilst the company pushes into new areas."

It has been designing and weaving 100 per cent wool and wool rich carpets and rugs in Axminster since 1755.

In 2012 it was awarded a Royal Warrant for the supply of goods and services to the Royal Household at Buckingham Palace.

It added further prestige to the brand.

Other carpets supplied by the firm have adorned train carriages and aircraft.