Axminster Carpets is the latest household name that is close to collapse by confirming its intention to appoint administrators.
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.
Its statement said: “Axminster Carpets Limited (“the Company”) continues to trade while the Company explore all potential rescue / restructuring options.
The Company’s board of director confirm that a notice of intention to appoint administrators has been filed with respect to the Company. The notice was filed in order to provide the Company and its creditors with a moratorium period during which the various rescue options being explored can continue.”
It continued: “The notice of intention to appoint administrators nominates Benjamin Wiles, Geoff Bouchier and David Whitehouse of Duff & Phelps as Joint Administrators.”
The Company’s Director, Joshua Dutfield, commented: “Trading has been difficult and the management has been working with key suppliers, creditors and the lenders in an attempt to resolve the Company’s financial difficulties. We continue to be committed to working to achieve the best possible outcome for all concerned and most importantly the staff and suppliers.”
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.