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Axminster Carpets Bought Out Of Administration

Axminster Carpets logo

A group of investors has bought Axminster Carpets out of administration.

The company fell into administration for the second time in seven years on 19th February, with the loss of 80 jobs.

The 265-year-old carpet-maker had been seeking a rescue deal for several weeks and was placed into administration on February 19th, after it failed to find a buyer for the whole business.

The investors include ACL Carpets Ltd and the Duffield family, which owned the company until 2016. 

Administrators Duff & Phelps said that ACL Carpets will change its name to Axminster Carpets in the near future and will continue to operate from the Axminster head office and manufacturing facility.

Robert Day, of ACL Carpets, said: "The business has never been in a better position to again become a significant player in the sector."

Joint administrator Benjamin Wiles, of Duff & Phelps, said: "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."

Source : Insight DIY Team

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05 March 2020

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