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Carlyle target Axminster Carpets slashes three-quarters of workforce

6 Mar 2013

carpetCarlyle buyout target Axminster Carpets has shed three-quarters of its workforce after slumping into administration two weeks ago.

About 300 jobs have been slashed at the UK carpet maker as administrators Duff & Phelps work to maximise value for creditors.

Carlyle managing director Ian Jackson revealed to the Sunday Times in February that the firm could come to the rescue of the ailing 250-year-old business.

It said Carlyle was the frontrunner to buy Axminster as a turnaround project as it already owns Brintons Carpets, which was also struggling when the firm bought it in exchange for £18m of bank loans in 2011.

Jackson told the newspaper, “Given we have a strong track record at turning around carpet companies, it would be remiss of us not to take a look if or when the company goes into administration.”

Axminster said it hit problems due to a fall in UK sales and increase in raw material prices.

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