Buyout raises hopes at Stourport firm

A troubled Stourport carpet firm has been taken over in a management-led buyout to secure its future, it was announced today.

The move will safeguard the 58 jobs at Carpets of Kidderminster, in Wilden Lane. The company axed 62 jobs when it went into administration in August.

That followed months of tough trading conditions.

But a deal has been struck with a buy-out company following a reorganisation to secure the future of the business.

The agreement was reached between the company and administrator Andrew Fletcher, of Sanderlings LLP, this week.

The firm will come out of administration.

Newly-appointed managing director Dewi Thomas, who is also a shareholder in the buy-out firm, said it had been a difficult time.

"I am delighted we have secured a future for the business," he said.

"The administration has allowed us to re-negotiate unprofitable contracts and put the business on a sounder footing.

"We are now one of the few remaining specialist businesses which manufacture carpet in the UK. I hope this deal will prove beneficial to customers, suppliers and employees."

He declined to comment further on the details of the deal or to confirm the name of the buyout company.

Wyre Forest MP Mark Garnier said: "This management buy-out secures a sound financial basis for the company to move forward.

The firm was founded in 1934 and was first based in Green Street.

The administrator was unavailable for comment.