Independent Growth Finance (IGF)
Region: South West
Programme: Investment Programme and our other commercial investments
Royal Warrant holder Axminster Carpets have been a byword for quality and craftmanship for over 250 years.
They continue 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.
In 2019 the management team at Axminster recognised they needed to modernise and develop a strategy to meet the future needs of the business, but lacked support from their existing funder to make the changes required. Axminster approached British Business Investments’ Delivery Partner IGF with a vision for their future. IGF was able to tailor a £3.375m re-financing solution to support Axminster’s growth plans.
IGF provided an asset-based lending facility, including funding against receivables, inventory and also plant and equipment. The funding will help shape the service offering and improve the customer experience, including merchandising, new product development and a focus on export markets.
Jonathan Young, Managing Director of Axminster Carpets, explains: “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.