Axminster Carpets secures £3.4m funding to support growth

Funding | Growth | Manufacturing | Retail | South West

Axminster Carpets Ltd has secured £3.375 million of funding from Independent Growth Finance (IGF) as it continues to develop a strategy which meets the needs of discerning customers, both in the UK and internationally.

Axminster Carpets are the inventors of world-renowned ‘Axminster weave’ and have been known for their craftsmanship for over 250 years. The company continues to weave luxury carpets in Devon and combine thoughtful design with experience and innovation to deliver high performance natural floor covering for the Royal Household, stately homes and luxury hotels.

As the retail and contract markets are evolving, the senior management team at Axminster Carpets recognised that it needed to innovate but lacked the support from its existing bank to make the changes required. IGF provided an asset based lending facility including funding against receivables, inventory as well as plant and equipment.

The deal will shape the service offering and improve the customer experience. This includes merchandising, new products and a focus on profitable export markets.

Axminster Carpets approached IGF with a vision for a prosperous future. It required a refinance solution to support its growth plans. IGF expressed a genuine interest from the start.

Jonathan Young, Managing Director of Axminster Carpets, explained:“IGF lived up to its promises. This deal is based on a strong understanding of our business and the IGF team assisted in getting the deal done quickly. The team recognised the partnership went past the deal itself and expressed genuine interest in our business, providing an extra level support.”

Paul Edmeades, ABL Director at IGF, added: “We are delighted to support the team at Axminster as they continue on their growth path. This company has a long British heritage but also has a renowned global reputation. We are proud to be backing one of Britain’s oldest, best known and most prestigious carpet designer and manufacturers.”

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