After falling into administration in February, Axminster Carpets has now been bought out by a group of investors.
The royal warrant holder was bought by ACL Carpets, which will change its name to Axminster Carpets in the near future, administrators confirmed.
The company, which is more than 250 years old, had built up debts of almost £8m when it was taken over by administrators Duff & Phelps in February of this year. However, the company is now said to be debt free.
The Dutfield family, which owned the Axminster Carpets until 2016, is part of the group of investors.
Under the new ownership, the company will continue to operate from its head office and manufacturing facility in Axminster.
Joint administrator Benjamin Wiles, of Duff & Phelps, said: "We are absolutely delighted to be able to announce today that we have secured the future of Axminster Carpets, one of the best-known British brands, following the successful sale of the business and assets of the company."
