Britain's last commercial tannery which has been treating sheep skins for more than 200 years at a site in Buckfastleigh has been saved from the axe - securing 20 jobs.
Benjamin Wiles, Geoff Bouchier and David Whitehouse, of Duff & Phelps, was appointed to deal with the company Devonia which is linked to Axminster Carpets.
However, immediately following their appointment, a sale of the business and assets of the company was completed to Eastern Counties Leather.
Devonia has been tanning sheepskins on the Devon site for over 200 years and is the UK's sole remaining commercial tannery.
Mr Wiles said: "We are delighted to have completed a going concern sale of the business which has resulted in the continued operation of the sole remaining tannery in the United Kingdom and importantly saves 20 jobs.
He added: "Axminster Carpets Limited, the Company's ultimate holding company, does not form part of this sale and is not currently in Administration."