Axminster Carpets has been saved from closure.
The company, which fell into Administration in February, has been sold as a going concern to a group of UK private investors, including the Dutfield family.
Benjamin Wiles and Geoff Bouchier, both of Duff & Phelps, were appointed Joint Administrators of Axminster Carpets Limited on Wednesday, February 19.
On appointment the Joint Administrators sold the underlay division of the Company, Axfelt, to Ulster Carpets and secured the sale of the Axminster Carpet Shop to Wilton Flooring shortly after.
The historic carpeting business has supplied many familiar names and businesses over decades, including Buckingham Palace.
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 ACL Carpets Limited.”
It is expected that the purchasing entity will change its name to Axminster Carpets in the very near future.
The Company is backed by a group of UK private investors, industry leaders and the Dutfield family and will continue to operate from its head office and manufacturing facility in Axminster.
“The swift conclusion of this process has enabled Duff & Phelps to secure the future of the business. This deal will provide a stable financial platform, ensuring its long-term viability,” concluded Benjamin Wiles.
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