Top of the market and high-quality carpet manufacturer Axminster Carpets has been placed into administration. Founded in 1755, Axminster has been the benchmark for carpet production and quality for nearly 260 years.
The move to administration foreshadows asset-stripping, ceasing of production and redundancy for nearly 400 staff. Factories in Axminster and Buckfast in Devon will be devastated.
But workers facing redundancy can take comfort from the financial media announcing at the same time as Axminster was being closed down that the world stock markets had hit record highs, surging to a five year-peak. ■