Duff & Phelps appointed to carpet business Axminster
Administrators make 300 staff redundant at carpet manufacturer
Administrators make 300 staff redundant at carpet manufacturer
DUFF & PHELPS administrators have been called to carpet manufacturer Axminster Carpets.
Benjamin Wiles, Geoffrey Bouchier and David Whitehouse, all from Duff & Phelps, were appointed joint administrators to Axminster Carpet Ltd.
At the time of collapse there were about 400 employees at the plant, however, the administrators have made 300 redundant.
Wiles, said: “We recognise the importance of the business to the local community and will be seeking to work closely with management and all key stakeholders to restructure the business where possible, including the possibility of selling all or part of the business.”
The company was incorporated in 1937 and specialises in the manufacture of woven carpets using traditional techniques and natural materials. Axminster operates out of a head office and manufacturing facilities in Axminster and Buckfast as well as two factory outlet stores.
A statement from the administrators said the company took the decision to enter administration following a “sharp increase in raw material prices” as well as a slight downturn in sales.
More about:
The numbers you crunch tell a story. Your expertis...
11yEmbracing 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 articlePixel Projects Limited (Pixel) has been sold by SFP, which has saved the positions of all 34 employees Read More...
View articleSteve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies Read Mo...
View articleBegbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restora...
View articleSmith & Williamson has been appointed administrators of charity 4Children Read More...
View articleCowgill Holloway Business Recovery has concluded the sale of assets of film distributor Metrodome to independent movie distributor 101 Films following...
View articleFRP Advisory sells business and assets of Harland Machine Systems Limited to Accraply Europe Limited Read More...
View articleManufacturer DMG Steelworkers has been sold out of administration in a pre-pack deal by insolvency and restructuring firm CVR Global Read More...
View articleLee De’ath and Richard Toone, partners at CVR Global, were appointed joint-administrators of Lexden Centre (Oxford) Limited, trading as Colchester Eng...
View article