British Chesterfield-based leather maker Clayton and Sons has been bought out of administration by its former finance director.

Formed in 1820, the company went into administration on September of this year, with Emily Ball and John Lowe of FRP Advisory LLP appointed as its administrators.

Administrators declared the company had suffered “a significant fall in turnover due to loss of orders and customers.”

All 26 staff of the company which has been trading for over 170 years were made redundant.

It is now understood that Clayton and Sons will relaunch under the name Spire Leather Company.

Emily Ball and John Lowe were also appointed joint administrators of J & E Sedgwick and Co, a fellow Clayton Leather Group firm. It has managed to retain 12 of its 40 staff.