Historic Devon carpet maker Axminster Carpets saved after being bought by investors

Axminster Carpets in Devon has been saved and will now be owned by a consortium, which will include its workers.

A combination of investors, including the family which helped resurrect the company in 1937, has saved it from administration and intends to restart production.

The business, which had amassed debts of nearly £8million, is now well-funded and debt free, the new owners say. Credit: ITV News West Country

The company collapsed in February 2020 with the loss of 80 jobs.

But now a group of UK private investors, industry leaders and the Dutfield family has rescued it.

The firm’s recent troubles are understood to have been prompted by weak consumer confidence, delays to corporate orders and a delay in the awarding of several new rail franchises which form an important slice of revenue.