The future of Axminster Carpets was secured over the weekend with the sale of the business as a going concern.
The Devon-based company, one of the world's largest manufacturers of Axminster, Wilton and tufted carpet, went into administration
in March. Carpet manufacture was immediately downscaled and yarn production halted, and 300 employees were made redundant.
Now, under the terms of the new deal the manufacturing operations at the Axminster site and the factory outlet stores in both Axminster and Buckfast have been sold to Axminster Carpets (2013) Ltd. The employment of the remaining 100 staff at Axminster and the two outlet stores has also been secured.
The new company is backed by a local business consortium including Axminster's former managing director, Joshua Dutfield.
Axminster Carpets (2013) will continue to operate from its head office and manufacturing facility in Axminster.
"We're delighted to have secured the future of the Axminster brand," commented Mr Dutfield. "We've been truly overwhelmed by the support received from the residents of the town of Axminster in our endeavours to secure the future of the business. We would like to thank everyone for their continued support."
Joint administrator Benjamin Wiles of Duff & Phelps also said he was "absolutely delighted to be able to announce today [April 6] that we have secured the future of Axminster Carpets, one of the best-known British brands.
"It's a great result to secure the continuance for such an iconic name. I believe we have secured the best possible outcome for the local region and most importantly the staff. From the outset we recognised the importance of the business to the local community and we worked closely with management and all key stakeholders to restructure the business and secure its future."