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Axminster Carpets falls into administration

Axminster Carpets has fallen into administration following attempts to secure a rescue deal. Benjamin Wiles and Geoff Bouchier of Duff & Phelps have been appointed as… View Article

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Axminster Carpets falls into administration

Axminster Carpets has fallen into administration following attempts to secure a rescue deal.

Benjamin Wiles and Geoff Bouchier of Duff & Phelps have been appointed as joint administrators.

On appointment, the administrators sold the company’s Axfelt underlay division to Ulster Carpets. In addition, it is expected that Axminster Carpet Shop will be acquired by Wilton Flooring.

Wiles said: “Despite a number of expressions of interest no acceptable offer for the core carpet business has been received, leaving no option but to appoint administrators while the remaining options are explored. The administrators have had to come to the decision that the best possible option for maximising the realisations for the company’s creditors was the immediate sale of its underlay business to Ulster Carpets and the redundancy of the majority of the existing workforce.”

Although the administrators are continuing to seek a buyer for Axminster’s remaining assets and brand, they have made 80 staff redundant at the company’s manufacturing site.

Founded in 1755, Axminster specialises in the manufacture of woven carpets using traditional techniques and natural materials. Its clients have included many well known people and businesses, as well as Buckingham Palace.

Wiles added: “We are continuing to explore all potential options for all or part of the remaining business and assets including the historic brand name itself.”

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