Benjamin Wiles and Geoff Bouchier, both of Duff & Phelps, were appointed joint administrators of Axminster Carpets on 19 February 2020.
On appointment the Joint Administrators sold the underlay division of the Company, Axfelt, to Ulster Carpets and an anticipated sale of the Axminster Carpet Shop to Wilton Flooring today. However, while the joint administrators continue to seek a buyer for the remaining assets and brand, they have made the remaining circa 80 staff at the Axminster manufacturing site redundant. A small number of employees will continue to work through the Company’s order book.
The business, which was founded in 1755, specialises in the manufacture of woven carpets using traditional techniques and natural materials. The historic carpeting business has supplied many familiar names and businesses over decades, including Buckingham Palace.
Benjamin Wiles, joint administrator, stated: “Despite a number of expressions of interest no acceptable offer for the core carpet business has been received, leaving no option but to appoint Administrators while the remaining options are explored. The Administrators have had to come to the decision that the best possible option for maximising the realisations for the Company’s creditors was the immediate sale of its underlay business to Ulster Carpets and the redundancy of the majority of the existing workforce.
“We are continuing to explore all potential options for all or part of the remaining business and assets including the historic brand name itself.”