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. 
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