Wed, 14 Mar 2012 | ADMINISTRATION
Woven Carpets of Kidderminster, the Stourport-based carpet manufacturer, has been put up for sale after falling into administration.
Administrators from insolvency practitioners, SJP, were appointed to the company this week after financial difficulties and cash-flow problems led to it racking up debts of £700,000.
Daniel and Simon Plant, the joint administrators from SJP, have said that they are keeping the company trading while a search for a buyer or buyers is carried out.
“Woven Carpets of Kidderminster Limited experienced a reduction of orders which led to cash-flow problems,” Simon Plant told the Kidderminster Shuttle newspaper. “The company is continuing to trade to maintain goodwill and we are in talks with a number of potentially interested parties for the sale of the business and assets.”
The business employs 69 people and no redundancies have been made at this stage. It was founded in 1934 and has an annual turnover of £3.5 million. It operates from a purpose-built headquarters in Wilden Lane in Stourport, after it out grew its original premises on Green Street, Kidderminster.
The company specialises in exclusive, high-end carpets, stating on its website that its focus is on “small batch production, high quality bespoke designs with the service and attention to detail to complement our clients”. The company has provided custom carpets to hotels and establishments throughout the world, including Europe, the US and the Middle East.
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