By Claire West
Axminster Carpets Limited, one of the world’s largest manufacturers of Axminster, Wilton and Tufted carpet, which was forced to enter Administration in March 2013, has been sold as a going concern.
Benjamin Wiles, Geoffrey Bouchier and David Whitehouse, of leading restructuring practice, Duff & Phelps, were appointed Joint Administrators on March 5th 2013.
Benjamin Wiles states: “We are absolutely delighted to be able to announce today that we have secured the future of Axminster Carpets, one of the best known British brands, following the successful sale of the business and assets of the Company to Axminster Carpets (2013) Limited.
“Under the terms of the deal the manufacturing operations located at Axminster manufacturing site, the factory outlets stores in both Axminster and Buckfast have been sold to Axminster Carpets (2013) Limited.
“The employment of the remaining 100 employees at Axminster and the two outlet stores are secure and have been transferred to the new company.”
Axminster Carpets (2013) Limited is backed by a local business consortium including former managing director of Axminster Carpets Limited, Joshua Dutfield.
Axminster Carpets (2013) Limited will continue to operate from its head office and manufacturing facility in Axminster.
Joshua Dutfield, commented: “We are delighted to have secured the future of the Axminster brand. We have been truly overwhelmed by the support received from the residents of the town of Axminster in our endeavours to secure the future of the business. We would like to thank everyone for their continued support.
“It is a great result to secure the continuance for such an iconic name. I believe we have secured the best possible outcome for the local region and most importantly the staff. From the outset we recognised the importance of the business to the local community and we worked closely with management and all key stakeholders to restructure the business and secure its future,” concluded Benjamin Wiles.