Bradford-based Carpets International, the UK's largest carpet manufacturer, has been placed in administrative receivership following a drop in demand for traditional floor covering and increased overseas competition.
Link: Queen’s curtain maker in receivership
Roger Marsh, Steve Ellis and Garth Calow from PricewaterhouseCoopers, were appointed joint administrative receivers yesterday for the company which supplies a number of high street retailers trading under such well-known brand names including Kossett, Wilton Royal and Abington.
Carpets International operates from seven locations in the UK, employing around 1,200 people with an annual turnover of approximately £100m.
Joint administrative receiver, Roger Marsh, said the company had a ‘strong reputation, well established leading brands and an excellent customer base’.
But the company had suffered in the last year from falling demand in the UK market caused by a move by consumers away from traditional floor coverings and increased competition from imports, Marsh said.
‘We are holding urgent talks with key suppliers and customers over the course of the next few days to seek their support to allow trading to continue. Naturally we will be engaging with the work force to keep them informed of our strategy in the days ahead.’
The numbers you crunch tell a story. Your expertis...
21yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleBody Shop, Ted Baker, Farfetch, MatchesFashion and Wilko among latest retailer insolvencies. Number of businesses in trouble are the highest in five y...
View articleInsolvency statistics in the UK for the second quarter of 2023 were the highest since 2009 with 83% of them relating to small businesses Read More...
View articleThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleThe survey paints a “brightening” picture of the global economy, according to the ACCA Read More...
View articleThe pandemic may have “distorted” some economic data Read More...
View articleAdvisory firms must offer a “more supportive” and holistic approach to clients amid the economic downturn Read More...
View articleHaving a clear plan and clean data to help optimise the use of scarce resources will be key for businesses Read More...
View articleThe Coronavirus Job Retention Scheme has supported millions of jobs amid the pandemic, but with the support measure set to end in September, how can a...
View article