Buyers are being sought for Selkirk's 116-year-old Heather Mills after administrators were called in to run the business which has just two weeks of work left.

Buyers are being sought for Selkirk's 116-year-old Heather Mills after administrators were called in to run the business which has just two weeks of work left.

Border Weaving Company, the firm created by Leicestershire-based businessman Andrew Bryars when he bought the mill from Edinburgh Woollen Mill in March, has been handed over to joint administrators Kenny Craig and Dilip Dattani of Tenon Recovery.

Tenon said that the company, which weaves textiles principally for the export market, had suffered from cashflow problems, contracting export markets and withdrawal of credit insurance which protects manufacturers against payment defaults from buyers - and is crucial if suppliers are to access working capital from banks.

Craig said: "We will complete a number of outstanding orders while marketing the business for sale as a going concern. Border Weaving Company has a good client base and a highly trained, experienced workforce."

Craig added: "We think the company could be of interest to a business already operating in the textile sector and looking to grow through acquisition, or to an entrepreneur interested in moving into high-value textile manufacturing."

A spokesman said: "There have been a handful of enquiries already."

The company employs 31 staff while another 20 work for sister company Riverside Spinning Company, which operates on an adjacent site producing yarn largely for clients in Yorkshire.

Riverside has called a creditors' meeting with a view to appointing Craig and Dattani as liquidators to close the business and sell its assets.

Tenon said the company "has been incurring considerable losses for some time", suffering from falling orders, cancellation of credit insurance and withdrawal of working capital.

Heather Mills was formed in 1892 and at its peak had a workforce of more than 200.