Twenty staff at a specialist horsebox manufacturer in Didcot have lost their jobs after the firm called in administrators this afternoon.

Sue Staunton, adminstrator at Oxford-based finance firm James Cowper, said Olympic Coachbuilders had fallen victim to the recession with orders drying up during March and April.

But she remained hopeful the business could be saved after several expressions of interest.

Ms Staunton added: “The recession has hit the company hard, yet it remains an attractive business with a prestigious reputation. We already have a number of potential buyers lined up and we hope that Olympic Coachbuilders will continue to manufacture its highly respected horseboxes.”

In March, the firm was bought out by Banbury-based exhibitions company Inchmere Design but continued to trade as a separate company.

Olympic was established in 1991 from the closure of Lambourn Coachbuilders and manufactured horseboxes for up to 12 horses with living accommodation as well as specialist vehicles for the emergency services.