Troubled Axminster Carpets sells its underlay business
- Credit: Archant
Cash-strapped Axminster Carpets has sold its Axfelt underlay business to a Northern Ireland-based firm.
New owners Ulster Carpets say the purchase of the 'successful brand' will be 'fully supported and developed' at the existing Axminster base.
The company says it demonstrates its commitment to developing complementary products to enhance its customer offering.
David Acheson, Ulster's head of strategic operations said: "We are delighted to be playing a part in the immediate retention of one part of the facility at the Axminster Carpets site.
"Working with the current employees, Ulster is committed to growing and developing this highly successful product in Devon.
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"Ulster Carpets are already developing a number of related businesses in the locality with a view to further increasing employment opportunities as it continues to expand its wider brand portfolio."
Axfelt is made from 100 per cent recycled materials, including wool rich carpet and rubber tyres, and is fully sustainable.
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It fits well with Ulster's desire to develop environmentally responsible UK based manufacturing facilities.
The firm says the recycled nature of the product was an important factor in the decision and it is planned that the Axfelt production facility will become a future group hub for developments in recycling, as well as a home for repurposing the group's current yarn and carpet waste.
The acquisition is being funded from cash reserves and continues to reflect Ulster's philosophy of acquiring high quality businesses in the floor covering and luxury interiors sector.