Mon, 23 Aug 2010 | ADMINISTRATION
Worcestershire-based Carpets of Kidderminster has been placed into administration, but its managing director remains positive about its future.
Managing director David Watts asserts that the 70-year-old manufacturing firm still has 'a long and viable future.'
In a statement the firm commented, “The management remain optimistic regarding the outlook for the company.
“The current production team, recruited early this year, have identified areas where remedial action will ensure the company returns to profitability in the short term.”
Andrew Fender of Sanderlings LLP has taken on the role of administrator for the business and is currently managing its affairs and property. It was not made clear if Mr Fender has been mandated to sell the business.
Established in 1934 by the late Lionel Rowe, a renowned figure in the local carpet industry, Carpets of Kidderminster started out with the manufacture of Axminster carpets. The firm expanded on the back of the Axminster carpets' rising popularity.
A supplier to commercial and residential customers, the carpet maker has over 170 workers and expects to shed about 50 in the process of administration.
The last recorded accounts at the business for the year to 28 February 2007 revealed revenues of £9 million.
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