300 jobs lost as Axminster Carpets enters administration
Historic manufacturer Axminster Carpets has gone into
administration with the loss of 300 jobs, it was announced.
Hopes that the firm, which is synonymous with the Devon
town, could stay afloat in its current form were dashed today.
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After rescue talks lasting almost two weeks the company,
which includes manufacturing facilities in Axminster and Buckfast, appointed administrators
Duff and Phelps.
In a statement it said: "The Board of the Company has taken
the decision to place the company into administration following a sharp
increase in raw material prices, the closure of a loss making subsidiary and a
slight downturn in sales as a result of the continuing economic difficulties
facing the UK."
A quarter of the workforce - some 100 employees - have been "retained
by the administrators", the factory outlet stores remain open for business as
usual and the company will "attempt to fulfil" existing customer orders where
possible, it added.
Locals fear the area will become a "ghost" town without its
major employer and described the initial decision to give notice of intent to
go into administration "Black Wednesday".