Axminster Carpets Limited the 250 year old carpet company based in Devon has announced that it intends to appoint administrators following difficult trading conditions and financial problems.
The 250-year old company - based in Axminster in Devon with more than 400 people at its headquarters - blamed difficult trading and resulting financial problems. They have said that they are working with key suppliers and creditors to try and rescue the business.
Axminster, which produces several styles of carpet and rugs, uses 90% of British wool in its trademark Axminster carpet which is woven using traditional loom production methods.
We do not have any other information at this stage but the company is still trading so a CVA or company voluntary arrangement after administration might be an option. A CVA could be done prior to the expiry of the notice and an extension but it would be a tight timescale.