Historic carpet maker Axminster is to go into administration in a move putting 400 jobs at risk.
The Devon-based company, which dates back 250 years, said the decision will provide the company and its creditors with time to explore various rescue options.
Director Joshua Dutfield said: “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.”
The company’s board of directors has confirmed that a notice of intention to appoint administrators has been filed, and Benjamin Wiles, Geoff Bouchier and David Whitehouse of Duff & Phelps have been nominated as joint administrators.
The firm is continuing to trade while it explores potential rescue or restructuring options.
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