Originally founded in 1755 Axminster Carpet is set to finally close its doors after administrators have failed to find a buyer for the manufacturer of luxury carpets.

Administrators Duff & Phelps were called in last week to find a buyer for the firm after nobody came forward to take on the ailing company. However ICSM Credit understands the underlaying business has been sold to Ulster Carpets and its shop has been bought by Wilton Flooring. The 90 odd staff were largely made redundant with a skeleton crew retained by the administrators to fulfil existing orders.

The firm almost collapsed seven years ago when it was bought out of administration by Stephen Boyd. At the time it employed 400 staff. Three years later rival carpet maker H Dawson of Bradford took on the enterprise but by September last year it was in trouble again with ICSM Credit members flagging up issues with the business.

Ian Carrotte of ICSM Credit said the reasons the firm gave include the Brexit affect, rising costs and a lack of orders. He said: “It’s a sad day when one of the UK’s most iconic brands disappears. Axminster Carpets are synonimus with high quality manufacturing offering skilled jobs in East Devon.”

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk