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.
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