Thaxton (right) got the better of Scott Lawton in March

The champion started poorly, swinging and missing as he failed to enforce his strategy to blow Stewart away early.

And Thaxton received a nasty cut above the right eye for his trouble as rangy Stewart picked him off from long range.

A clash of heads in round eight left Stewart bloodied and he was finally bowed 90 seconds from time as one too many Thaxton body punch took its toll.

The winner's spoils may be a long-awaited showdown with Commonwealth champion Amir Khan, who defends his belt against Scott Lawton on Saturday.

I was a bit rugged and rough tonight - a bit Steve Collins like Jon Thaxton

Thaxton is now the next mandatory challenger for that belt.

But he is also desperate to make a third successful defence of his Lonsdale belt and offered Stewart a rematch after 12 thrilling rounds at York Hall, London.

"We should do it again - he [Stewart] deserves another chance," said the Norwich brawler.

"To be fair I thought it would be over early doors. But he did his homework and he took me to the wire.

"I was a bit rugged and rough - a bit Steve Collins like. But I wouldn't quit. I knew I would prevail."

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Thaxton won the British title last December with a points win over Lee Meager and defended it with a seven-round win over Khan's opponent Lawton.

His work was scrappy for several rounds against Stewart, who built up an early points lead.

But he did just enough as the challenger, who had never gone 12 rounds in his pro career, faded badly in the late stages.

"I'm really proud of my performance, but just a bit disappointed with the result," said Stewart.