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The business employed three staff, including auctioneer Frank Forrest, who will all leave when it ceases trading in March.

Brian Richardson, chief executive of H&H Group, said: “It is extremely disappointing that a saleroom which has become so well established in the Borders has to close its doors. As our present lease arrangements are due for renewal, we have carefully considered and reviewed the finances of the operation and have decided we were unable to commit ourselves to a further period of running the saleroom from the Jedburgh premises.”

H&H’s nearest general saleroom will be in Carlisle following the closure.

Swan & Turner was founded nine years ago when John Swan & Sons teamed up with antiques dealer Ron Turner to open a saleroom in the latter’s premises in Jedburgh’s High Street.

The final sale is on February 11 and the auction room will then remain open until the end of March to allow for the goods to be collected.

Harrison & Hetherington, which runs livestock, plant, machinery and property auctions and was founded over 140 years ago, bought John Swan & Sons for £8.2m deal in 2015.