Carpet business hits the canvas
Moore Stephens has been appointed administrator for the ailing Kidderminster business Master Weavers, as the 15-year old business hit the canvas, succumbing to foreign competition.
Partners Rod Butcher and Nigel Price have had to make half of the work force redundant at the carpet and rug company which crashed with £800,000 worth of debts.
Directors Peter and Marjorie Hardiman were granted administration order Monday in the High Court in Birmingham and blame cheap foreign imports and ‘bad debts’ for the demise in their business.
The administrators and are running the business as a going concern and seeking a buyer.
Butcher explained: ‘The company, which has been trading for about 15 years, previously supplied only the wholesale sector but began selling direct to the retail trade in an effort to turn the business around.
‘However, turnover continued to decline and, combined with a number of bad debts owed to the company, it ran further and further into the red.’