Axminster Carpets, one of the UK's most established carpet businesses, entered administration last month, with the loss of hundreds of jobs and a bleak outlook as sales continued to falter.
But just weeks later and the company looks set to be a shining example of the turnaround potential of distressed businesses.
The company was bought out of administration by a consortium of investors, led by former Swallowfield chairman Stephen Boyd and Pittards. It has now taken the trading name of Axminster Carpets (2013) Ltd and is already on its way to success.
The company has posted figures showing that it exceeded its first month's performance targets by 22 per cent and already has plans to recruit 15 people and launch a new range of products.
Josh Dutfield, Axminster's managing director, whose grandfather re-established the business back in 1937, expressed his 'delight' at the turnaround. He told the Western Morning News: "The first month is always tricky in these situations because you're trying to rebuild confidence and trying to understand how much good will and support there is out there.
"The whole company has been overwhelmed by the warmth and goodwill that has been displayed by customers."
It looks like it has been the brand that has really pulled through for the business, as publicity and consumer feedback has highlighted the fact that the Axminster name really matters. Mr Dutfield remarked: "If the last four to six weeks has taught us anything, it's how successful this brand is and how much it resonates with consumers."
The firm has been particularly surprised by the attention it has received from the younger generations, but the new management have been quick to work hard at capitalising on this new-found interest with a range of 'starter Axminster' products, as well as a tie-up with designer Terence Conran.
The firm is also aiming to increase exports and focus on boosting its international recognition as a high-quality, luxury British brand. 
Bring to the market this leasehold specialist car sales and servicing facility located in Horncastle, Lincolnshire. The trade was established as a limited company in 2005.
LEASEHOLD
The company is an online vehicle purchasing platform, providing a fast, hassle-free car-selling service for the end user. A competitor to the likes of webuyanycar.com and Motorway, the company is a well-established online vehicle purchasing platform...
Bringing to the market this denim and casual wear retailer, boating a user friendly comprehensive online presence.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.